League sources told ESPN, The Athletic and the Chicago Sun-Times on Tuesday that DeRozan is signing a three-year, $85 million contract with the Bulls when the NBA's free-agency moratorium is lifted Friday. According to the outlets, the Spurs are receiving forwards Thaddeus Young and Al-Farouq Aminu and a future first-round pick in the deal.
The Bulls also will send the Spurs a 2022 second-round draft pick via the Los Angeles Lakers and their own 2025 second-round choice, ESPN reported.
Later Tuesday, DeRozan thanked the Spurs organization and its fans with a post on social media.
"I want to take the time to thank the Spurs organization and the fans in San Antonio for embracing me the way that they have over the past three seasons," he wrote on Twitter. "The Spurs lived up to their reputation as one of the classiest organizations in the league during my time with the team.
"I'm grateful for the times I shared with my teammates, our coaches and staff. Thank you!"
DeRozan averaged 21.6 points for the Spurs last season, and he has averaged more than 20 points per game in each of the past eight seasons. The four-time All-Star selection spent the first nine seasons of his career with the Toronto Raptors before being traded to the Spurs prior to the 2018-19 campaign.
In his three seasons in San Antonio, the 31-year-old DeRozan posted the three highest assist totals of his NBA career. The Bulls likely will ask him to continue that role as a ball handler and creator alongside stars Zach LaVine and Nikola Vucevic, as well as recent acquisitions Lonzo Ball and Alex Caruso.
Young averaged 12.1 points, 6.2 rebounds and 4.3 assists over 68 games for the Bulls this past season.
Aminu, who came to Chicago as part of the Vucevic trade, played 23 games between the Orlando Magic and Bulls in the 2020-21 campaign, averaging 4.4 points and 4.8 rebounds.