According to Shams Charania of The Athletic and Stadium, the veteran center will potentially be pursued by "multiple contenders," including the Golden State Warriors and Philadelphia 76ers, to bolster their depth for a postseason run.
Per that report, Bogut's "season has ended in playoffs of Australia's NBL, where Bogut was league MVP and Defensive Player of the Year, and he will take some time to decide on next team."
Bogut, 34, last appeared in the NBA last season, playing in 23 games for the Los Angeles Lakers while averaging 1.6 points and 3.4 rebounds per game. He was released in Jan. 2018 and signed with the Sydney Kings of the NBL that April.
He would make sense for a number of contenders, including the Warriors and Sixers. Bogut spent four seasons with Golden State (2012-13 to 2015-16) and would provide the Warriors with big-man depth behind DeMarcus Cousins.
While Bogut wouldn't see big minutes with the Warriors, who are generally most dangerous when they go small, it would give him the chance to potentially compete for a title and would give them a nice backup plan against teams who play through their centers.
Philadelphia, meanwhile, has seen its depth at center take a hit in the past week, with both Joel Embiid and Boban Marjanovic out with minor injuries. That has left only Jonah Bolden available to the Sixers as a true center, though Brett Brown has experimented with smaller lineups and used Mike Scott at the 5 on Saturday against the Warriors to stretch the floor and force Cousins to defend on the perimeter.
The question for the Sixers would be where Bogut would fit once Embiid and Marjanovic were healthy. It's hard to see him playing over either Marjanovic or Bolden behind Embiid, as each offer the Sixers solid options depending on the matchup (with Bolden being the better option against teams that play smaller).
But Bogut would make sense for other contenders looking to build out their depth on the block, so it seems likely he'll be back with an NBA team shortly.