Anthony, 34, is not expected to play a game for the Bulls, but Chicago could hold off waiving him until the trade deadline.
Since today is Dr. Martin Luther King Day, NBA offices are closed and so the trade is expected to be completed on Tuesday.
Earlier, the Rockets had waived forward James Nunnally to make room for Kenneth Faried, who is expected to play against the Philadelphia 76ers Monday night.
In 10 games this season, Anthony averaged 13.4 points and 5.4 rebounds while shooting just 40.5 per cent from the field overall and 32.8 per cent from three-point range. The former all-star failed to mesh with the Rockets’ style of play and parted ways with the team in mid-November.
“After much internal discussion, the Rockets will be parting ways with Carmelo Anthony and we are working toward a resolution,” GM Daryl Morey said in a statement.
“Carmelo had a tremendous approach during his time with the Rockets and accepted every role head coach Mike D’Antoni gave him. The fit we envisioned when Carmelo chose to sign with the Rockets has not materialized, therefore we thought it was best to move on as any other outcome would have been unfair to him.”
Originally the third overall pick in the 2003 NBA Draft, Anthony is one of 11 players in NBA history to average at least 24 points, six rebounds and three assists for his career.
However, after making himself a household name during his time with the Denver Nuggets, he’s suffered a steep fall from grace during the latter stages of his time with the New York Knicks, and then the Oklahoma City Thunder.