Richard Hamilton signs with Chicago Bulls

Veteran guard Richard Hamilton has signed with the Chicago Bulls, joining MVP Derrick Rose in what figures to be a deep backcourt.

Terms were not released, but a person familiar with the situation said earlier in the day, it's a three-year, $15 million deal. The person spoke on the condition of anonymity because the contract had not been finalized.

The Chicago Tribune, citing sources, reported the team holds an option for the third year. If the Bulls don't exercise it, he receives some partial guarantees.

Either way, Hamilton is a officially a member of the Bulls.

The three-time All-Star cleared waivers as expected after being bought out by Detroit this week, ending a nine-year run in which the Pistons won a championship and regularly made the Eastern Conference finals.