The Chicago Bulls are bringing a hometown favorite back to the Windy City, officially signing Jabari Parker on Saturday.

The deal is worth $40 million over two years with a team option on Year 2, league sources told ESPN's Adrian Wojnarowski. The reported option helps mitigate some of the risk in signing a player who's torn his left ACL twice in the past four seasons.

Coinciding with the addition of Parker, the Bulls released forward Paul Zipser and guard Julyan Stone. The latter was recently acquired as part of a three-team deal in exchange for Jerian Grant.

The Milwaukee Bucks, who drafted Parker No. 2 overall in 2014, initially presented him with a qualifying offer, ensuring they would be able to match any offer sheet the 23-year-old signed with another team. The Bucks announced Saturday that they'd agreed to rescind the offer, forfeiting their right to match and allowing Parker to reach free agency as a gesture of good faith.

Parker averaged 15.3 points, 5.5 rebounds, two assists, and a steal per game in 183 regular-season appearances with Milwaukee.