The two teams reportedly have been in trade talks for over two weeks. The pick is top-14 protected.
The Jazz will welcome Rubio into their open salary space of $16 million before Saturday as a means to find a potential replacement for George Hill, who enters free agency as one of the top point guards on the market.
Rubio has two years left on his contract. He's owed $14.25 million in 2017-18 and $14.95 million in 2018-19.
--The New Orleans Pelicans are expected to retain point guard Jrue Holiday with a big-money contract once the NBA free agency period begins at 12:01 a.m. Saturday.
Holiday is expected to receive a five-year offer from the club for approximately $170 million in a meeting scheduled right as free agency begins.
The sides can agree to a deal at the meeting but a new contract doesn't become official until the signing moratorium is lifted at noon ET on July 6.
The Pelicans are making it a priority to keep the 27-year-old Holiday as he fits well with frontcourt stars Anthony Davis and DeMarcus Cousins. New Orleans is looking to make the superstar duo work between the two All-Stars after acquiring Cousins late last season.
Griffin, who left the Cavaliers last week in a mutual decision but reportedly over differences with owner Dan Gilbert, is a candidate to join the Knicks' front office, sources told ESPN's Ramona Shelburne.
Griffin was the general manager in Cleveland for three seasons and helped the Cavs to their first title in the 2015-16 season.
The Knicks are assembling a list of candidates and had an initial conversation with Griffin, who is expected to have more talks when the team moves to the next level of the process, according to ESPN.
Rondo had a team option worth nearly $13.4 million that would have become fully guaranteed if Chicago hadn't waived him by Friday. He will instead receive $3 million by being released.
The Bulls also waived reserve guard Isaiah Canaan.
Rondo averaged 7.8 points and 6.7 assists in 69 games for the Bulls. He started just 42 contests as he was benched for a time by coach Fred Hoiberg in December and didn't return to the starting lineup until late in the season.
The move, which was announced by general manager Travis Schlenk, clears money from Atlanta's cap on the eve of free agency. Dunleavy was set to make $5.2 million in 2017-18.
Dunleavy came to Atlanta along with a protected first-round draft pick from the Cleveland Cavaliers in exchange for Kyle Korver last season. Dunleavy managed an average of 5.6 points on 43.8 percent shooting in 30 games with the Hawks.
--The Philadelphia 76ers waived guard Gerald Henderson, the team announced.
Henderson averaged 9.2 points and 2.6 rebounds in his only season with the 76ers. The 29-year-old was due to make $9 million if he wasn't waived prior to the deadline on Friday.
Henderson recorded career averages of 11.2 points and 3.2 rebounds with Philadelphia, Portland and Charlotte since being selected with the 12th overall pick of the 2009 draft.