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 is 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.

But sources say the former BYU star, drafted No. 10 overall by the Kings in 2011, is highly intrigued by the prospect of playing for Bulls coach Tom Thibodeau, who -- in spite of his defense-heavy reputation -- has put score-first guards such as Nate Robinson and more recently D.J. Augustin in position to flourish.

ESPN.com reported earlier Thursday that the Bulls and Cleveland Cavaliers were expressing the strongest interest in Fredette after the Memphis Grizzlies bowed out of the chase in order to claim former New York Knicks guard Beno Udrih off waivers Wednesday. NBA.com subsequently reported that Fredette was "strongly leaning" toward signing with the Bulls.