Parker became a legend in Chicago at Simeon Career Academy, becoming the second player in state history to start for four state championship teams.
The Bulls have been in talks with Parker's agent, Chicago-based Mark Bartelstein. Although he's signed on for two years the Bulls have a team option in year two in case Parker's injury doesn't get better. Rescinding the offer frees up $4.3 million for the Bucks.
The Milwaukee Bucks weren't going to match an offer sheet to Parker, so they rescinded their qualifying offer to allow him to sign a shorter deal.
Parker, 23, has suffered two different ACL tears to his left knee in his career.
"Jabari is a 23-year-old player who is a natural fit with our young core, and is a proven scorer at the National Basketball Association level".
The Bucks extended a qualifying offer to Parker, making him a restricted free agent and giving themselves an opportunity to match any offer sheet he signs with a rival club. He averaged 15.3 points 5.5 rebounds and 2.0 assists per game, while shooting 49 percent from the field and 74.7 percent from the free throw line.
Parker was the No. 2 overall selection out of Duke in the 2014 NBA Draft, but his career has been marred by injury. He was dealt at the trading deadline last season along with guard Isaiah Thomas for guard Jordan Clarkson and forward Larry Nance. Parker has an enormous amount of talent when healthy, and the Bulls had money this year to spend anyway.
The plan, according to a report from K.C. Johnson of the Chicago Tribune, is to play Parker at the three alongside Markkanen and one of Lopez and Carter in the frontcourt.