"Though hurdles remain, the Bulls are zeroing in on signing veteran guard Richard Hamilton, according to league sources.

The Pistons are finalizing a buyout of Hamilton, who has averaged 17.7 points per game over his 12-year career and helped the Pistons win the 2004 NBA championship as part of six straight conference finals appearances.

Terms of the buyout of Hamilton's $12.6 million contract were not disclosed, but a league source said the Bulls likely will offer a two-year deal in the neighborhood of $10 million to recoup most of what Hamilton gives back.

Hamilton's midlevel exception over the next two seasons would limit the Bulls' exposure to luxury-tax levels, particularly when Derrick Rose's maximum contract extension begins in 2012-13. Restricted free agents Omer Asik and Taj Gibson also need new deals then."