The Bulls had been looking for athleticism on the wing, and even with cap space this summer, they pounced when Porter was made available.
Porter, 25, signed a four-year, $106.5 million extension with the Wizards in 2017. The final year in 2020-21 is a player option worth $28.4 million.
Porter is averaging 12.6 points, 5.6 rebounds and two assists in his sixth NBA season out of Georgetown.
Parker, 23, had fallen out of favor in Chicago despite a much ballyhooed return to his native city as a free agent last summer and was inactive for long stretches under former coach Fred Hoiberg and current coach Jim Boylen. Having a team option next season, the Bulls had been entertaining trade offers for Parker from the Dallas Mavericks recently but talks fizzled on a potential deal, sources said.
In 39 games this season, Parker averaged 14.3 points and 6.2 rebounds.
Portis, 23, and the Bulls couldn’t come to terms on a contract extension before the season, and he stood to become a restricted free agent this summer. With Lauri Markkanen and Wendell Carter Jr. as frontline staples for Chicago, Portis became expendable. He averaged 14.1 points in 22 games in a season marred by knee and ankle injuries.
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