"It's official -- Rip Hamilton is no longer a Detroit Piston and will join the Chicago Bulls shortly.

Pistons president of basketball operations Joe Dumars announced today that the team waived Hamilton as part of a buyout of the last two years of his contract.

"We thank Richard Hamilton for his time here with the Pistons organization," Dumars said in a released statement. "Rip was a champion with us and a big part of our success over the last nine years. We wish him all the best in the future."

That future lies with the Bulls, who are expected to sign him to a two-year, $10-million deal. "