The Bulls have agreed to send second-year point guard Marquis Teague to the Brooklyn Nets for second-year forward Tornike (Toko) Shengelia.
Yahoo Sports first reported the move and the trade is likely to go through on Tuesday.
The Bulls selected Teague with the 29th pick in the 2012 NBA Draft. The point guard has struggled with consistency since that time and had spent two weeks previously in the D-League with the Iowa Energy. In 19 games this season, he averaged 2.4 points on 24.2 percent shooting in 12.7 minutes.
Teague had his third year option picked up before the season begin and was due to make $1.1 million next season. Shengelia is only guaranteed this season at $788, 872 according to ShamSports. The move will give the Bulls a bit more cap flexibility this summer.
Teague's days appeared numbered with the success that D.J. Augustin -- signed in December-- has had backing up Kirk Hinrich.
"I think Marquis is a good young player," Bulls coach Tom Thibodeau said. "He's had some good moments and he's had some moments where, obviously, he could do better; but that's to be expected. When you come into this league, as young as he is, that's what you're going to get. He's much further along today than when he was first drafted and he's done a good job overall."
Thibodeau was unable to address the trade as it hasn't been finalized. Teague will still be active for the Bulls in tonight's game against the Philadelphia 76ers and Monday against the Los Angeles Lakers, but he won't play. The league office is closed for Martin Luther King, Jr. Day and opens back up on Tuesday, when the deal is expected to be completed.
Shengelia, a 6'9 small forward, was drafted with the 54th overall pick in the 2012 NBA Draft. The 22 year-old has spent much of the last two seasons playing with the Springfield Armor of the D-League. He's currently averaging 13.3 points on 54 percent shooting and five rebounds. In limited time with the Nets, he's averaged 1.5 points.
Teague said he enjoyed his time with the Bulls, but is looking forward to having the chance to be coached by former NBA point guard, Jason Kidd.