The Sacramento Kings have reached a buyout agreement with Jimmer Fredette, and the former BYU standout could end up signing with the Chicago Bulls or Cleveland Cavaliers.

According to ESPN, Fredette, whose buyout agreement with the Kings could be finalized Thursday, is reportedly leaning towards signing with an Eastern Conference team.

Sources said that the Bulls and the Cavaliers have both expressed their intentions to acquire Fredette when he officially becomes available for signing.

Fredette's representatives have been talking with interested teams, but the Bulls and the Cavs appear to be the front-runners at this point, sources indicated.

The Bulls have been keeping themselves away from paying luxury tax over the past several seasons. While signing Fredette could make them a tax team this season, sources indicated that the Bulls are still determined to acquire the 25-year-old guard.

"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," ESPN reported.

Fredette, who is averaging 5.9 points in 11.3 minutes per game this season, would add depth to the Bulls' guard rotation, which includes Kirk Hinrich, D.J. Augustin and Jimmy Butler.

Meanwhile, the Cavaliers are also planning to make a strong push to sign the third-year guard in hopes of adding a shooter who could improve their chances of advancing to the playoffs this season.

The Cavaliers, who recently acquired spot-up center Spencer Hawes in a trade deadline deal with the Philadelphia 76ers, have been aggressively shopping for an additional shooter during the past several weeks.

Fredette, who is shooting 49.3 percent from three-point range and 47.5 percent from the field this season, could be the guard the Cavaliers are looking for.

However, the likelihood of signing Fredette to a contract depends on the severity of injuries sustained by Cavaliers sophomore guard Dion Waiters and veteran C.J. Miles, who are dealing with ankle and knee injuries, respectively.

"Part of the Cavs' decision whether to pursue him is the status of Waiters and Miles. If either or both are expected to miss an extended period of time, the Fredette option becomes more viable. But the team won't really have a feel for their status until they are re-examined on Thursday," the Akron Beacon Journal reported.