CHICAGO (AFP) - Dwyane Wade and the Chicago Bulls have agreed to part ways after the veteran guard's first season with his hometown team, US media reported on Sunday night (Sept 24).

The 35-year-old Wade has reached a buyout agreement with the Bulls, according to American broadcaster ESPN.

Wade, who has been hit by a series of injuries the past few seasons, was slated to make US$23.8 million (S$32 million) with the Bulls in the 2017-18 season.

Once he clears waivers, he can listen to offers from other teams.

The Cleveland Cavaliers, Oklahoma City Thunder, San Antonio Spurs and his former Miami Heat team could all make a pitch for Wade.

The Cavaliers, led by his former Heat team-mate LeBron James, are believed to be the front runners.

Wade, who grew up on Chicago's south side, averaged 18.3 points and 3.8 assists in 60 games for the Bulls last season.

It was his lowest point totals since his 2003 rookie season with the Heat.