Fredette and the Sacramento Kings officially agreed to a contract buyout Thursday ahead of the league's Saturday midnight ET deadline that will make the former BYU star eligible to appear in the playoffs with another team.
Even before the buyout was agreed to, Fredette's representatives had begun talks with interested teams, with one source saying the third-year shooting guard is giving strong consideration to signing with a contender in the East.
ESPN.com reported this week that the Memphis Grizzlies were pursuing Fredette, but the Grizzlies seemingly bowed out Wednesday, claiming former New York Knicks guard Beno Udrih off waivers when they sensed that Fredette preferred other options.
The Bulls have been handcuffed all season by luxury-tax concerns but, according to sources, quickly threw themselves into the Fredette mix after it became apparent this week that the sharpshooter would be parting company with Sacramento.
Chicago is roughly $600,000 below the luxury-tax threshold and believes it can sign a player to a prorated minimum deal and avoid going down as a tax team at season's end.
Cleveland, meanwhile, needs shooters even after trading for spot-up big man Spencer Hawes last week and have thus begun looking at Fredette as well. But the Akron Beacon-Journal reported Thursday that the Cavaliers' level of interest in Fredette could depend on the health of guards Dion Waiters (ankle) and C.J. Miles (knee), whose respective situations are expected to be clarified Thursday.