The Bulls sent forward Anthony Randolph, two second-round draft picks and cash considerations to Orlando for the rights to Milovan Rakovic. They also traded forward Greg Smith to Dallas for the rights to Tadija Dragicevic.
The 6-foot-11 Randolph was acquired in a draft-night trade with Denver that gave the Bulls the rights to high-scoring Creighton forward Doug McDermott. The journeyman has played for Golden State, New York, Minnesota and Denver in six seasons in the NBA, averaging 7.1 points and 4.3 rebounds.
The rights to Rakovic, who has played his entire career overseas, were originally acquired from Dallas in 2007. Orlando intends to waive Randolph.
Chicago signed Smith in April after he was waived by Houston, but he never appeared in a game with the Bulls. The 6-10 Smith averaged 5.3 points and 4.1 rebounds in 89 games with the Rockets over the last three seasons.
The 6-9 Dragicevic was selected by Utah with the 53rd overall pick in the 2008 draft. He was traded to Dallas in a four-team deal in 2012 and has never appeared in an NBA game.
The pair of moves helps make room for Gasol, who announced over the weekend he planned to join the Bulls. The 7-0 Gasol is a four-time All-Star and averaged 17.4 points and 9.7 rebounds in 60 games last season with Los Angeles.