Washington drafted Porter with the third overall pick in the 2013 NBA Draft. He is averaging 12.6 points per game this season, while shooting 45.7 percent.
Portis is averaging career highs in points (14.1), rebounds (7.3) and 3-point shooting percentage (37.5). The trading of the 23-year-old forward signals the Bulls are moving into the future with Lauri Markkanen and rookie center Wendell Carter Jr. in the team's frontcourt.
The Milwaukee Bucks drafted Parker with the second overall pick in the 2014 NBA Draft. The Duke product returned to his hometown of Chicago in 2018, but had his minutes reduced this season as the team shifted to its younger players.
Parker averaged 14.3 points per game, 6.2 rebounds and 2.2 assists with Chicago.
The Wizards' trade involving Porter comes after the news that star point guard John Wall will miss a significant amount of time following surgery on his left Achilles.
Washington (22-31) sits at 10th in the Eastern Conference. The Bulls (12-41) are in 13th.