The veteran center was waived by the Los Angeles Clippers in December and remains unsigned.
Per Charania, Noah plans to retire with the Chicago Bulls after playing his first nine seasons with the organization.
The 36-year-old's best seasons came in Chicago as well, earning two All-Star selections and the Defensive Player of the Year award in 2013-14. He was named first-team All-Defense twice and was a key part of the Bulls' run to the Eastern Conference Finals in 2011.
Noah signed a four-year, $76 million deal with the New York Knicks in 2016 but never lived up to the contract as injuries limited him to just 53 games before he was waived.
The veteran later spent time with the Memphis Grizzlies and recovered from a cut to his Achilles tendon to join the Los Angeles Clippers for the playoff run last season.
It appeared his playing career was likely over after being waived in December.
"What an illustrious career for Joakim, starting with two national titles at the University of Florida, to becoming an NBA Defensive Player of the Year and ultimately evolving into one of the most passionate, spirited players to ever come through our sport," agent Bill Duffy told Adrian Wojnarowski of ESPN. "It's been my honor to represent Joakim through his journey."
Noah was a consensus All-American at Florida, helping the Gators win back-to-back NCAA titles in 2006 and 2007 alongside Al Horford and Corey Brewer. He was named the Most Outstanding Player of the 2006 championship run.