Bulls close in on signing Fredette

The Chicago Bulls are closing in on signing former Sacramento Kings guard Jimmer Fredette, according to sources close to the process.

Sources told ESPN.com on Thursday that -- while stressing a deal was not yet complete -- serious mutual interest between the sides has made Fredette's landing with Chicago look increasingly likely.

After completing a contract buyout Thursday with the Kings, Fredette can't officially sign a contract with the Bulls or any other team before clearing waivers Saturday at 5 p.m. ET.