The 32-year-old Turkish post player started his NBA career with the Bulls, who acquired him in a draft-night trade in 2008 after the Portland Trail Blazers selected him with the 36th pick.
After two years in Chicago, he made stops with the Houston Rockets and New Orleans Pelicans before returning to the Bulls in a February 2018 trade.
He made just four appearances during his second stint with the team.
Asik sat out the 2018-19 season after he was waived because of the arthritis. There have been no updates about whether he'll resume basketball activities.
He's averaged 5.3 points and 7.1 rebounds across 471 NBA games.
Charania noted the Bulls now have over $23 million in cap space heading into free agency.