The Chicago Bulls have reached an agreement with the Cleveland Cavaliers on a deal that would send forward Luol Deng to the Cavs, in exchange for center Andrew Bynum, as well as three future draft choices.

The Bulls are expected to waive Bynum Tuesday, which would save them $15 million this season to get under the luxury tax.

In addition to acquiring Bynum's expiring contract, the Bulls receive a future first-round draft pick owed to the Cavs, which they acquired from the Sacramento Kings in the J.J. Hickson of 2011.

The pick is top 12 protected, so the Bulls will get the Kings' pick only if it falls outside the top 12 in 2014. If not, they will get the first-rounder if it falls outside of the top 10 in years 2015-2017.

In addition, the Bulls also receive the 2015 and 2016 second-round picks of the Portland Trail Blazers.

The 28-year old Deng, a two-time All-Star, was averaging 19.0 points-per-game this season, along with 6.9 rebounds, and 3.7 assists a contest.

Over his ten-year career, Deng has averaged 16.1 points, 4.7 rebounds, and 2.5 assists a game.

The 26-year old Bynum, an All-Star in 2012, when he averaged 18.7 points and 11.8 rebounds a game, was suspended by the Cavaliers for conduct detrimental to the team. He was averaging 8.4 points and 5.3 rebounds over 24 games with Cleveland this year.

Bynum, who spent the first seven years of his career with the Los Angeles Lakers, missed all of last season with a knee injury, after being traded to the Philadelphia 76ers. has more on the trade.