If Parker signs an offer sheet with another team, the Bucks would have up to 48 hours to match the deal.
A Chicago native, Parker (6-8, 250) was selected second overall by the Milwaukee Bucks in the 2014 NBA Draft and has played all four seasons in Milwaukee.
During that season, the forward averaged 20 points, six rebounds and almost three assists in 50 games before suffering a knee injury.
If the Bucks had rescinded their qualifying offer, Parker would've been an unrestricted free agent, free to sign with any team.More news: Eight boys rescued from flooded Thai caves, now up to 'rain god'
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However, earlier this week the Bulls announced that they had renounced their rights to restricted free-agent David Nwaba, opening up the cap space and rotation spot for Parker. The 23-year-old athlete has suffered multiple ACL tears within the last four years. The 6-foot-11 center started last season with Cleveland but was traded to the Los Angeles Lakers on February 8 as part of a deal that sent Jordan Clarkson and Larry Nance Jr.to the Cavaliers.
Parker was clearly moving in the direction of getting a fresh start in his career, which the opportunity to play for his hometown team had become to him for him to prove himself. It is already known that Parker is a great athlete, even when bouncing back from injuries. The Bulls want to add him to a young core that includes Lauri Markkanen, Wendell Carter Jr.
"I am extremely grateful to the Bucks and the incredible fans of Milwaukee for showing me so much love and encouragement", Parker said. Parker put out a post on Instagram yesterday afternoon of him in his basketball shoes with the address of a local park in Milwaukee.
"Thank you to my teammates for being like brothers to me".