The deal is reportedly worth the veteran minimum $2.3 million.
Bogut sustained a broken leg during his first game with Cleveland Cavaliers in March, sidelining him for the rest of the season.
The 7-foot Bogut began the 2016-17 season with the Dallas Mavericks, averaging 3.0 points and 8.4 rebounds in 26 games, including 21 starts.
Bogut was traded to the Philadelphia 76ers in a deal that sent Nerlens Noel to Dallas. Bogut then reached a buyout agreement with the 76ers in February, and he signed with Cleveland.
However, his time with the Cavaliers lasted just 58 seconds of action, as he collided with the Miami Heat's Okaro White and fractured his left tibia.
He decided not to have surgery, and in late June it was reported that Bogut was about three weeks away from resuming basketball workouts.
Bogut, 32, was a starter on the Golden State Warriors teams that won the NBA title in 2015 and was the runner-up in 2016.
His best season was 2009-10, when he averaged 15.2 points, 10.2 rebounds and 2.5 blocks for the Milwaukee Bucks.