The Chicago Bulls will sign point guard D.J. Augustin after he cleared waivers on Wednesday, league sources told Yahoo Sports.

Augustin needs to pass a physical with the Bulls on Thursday. He was waived by the Toronto Raptors on Monday.

The Bulls lost superstar point guard Derrick Rose for the season, and have been searching for further depth at the position with backup guard Mike James working his way back from a sprained knee. Shooting guard Jimmy Butler has been recovering from a foot injury and could return in the near future.

The Bulls (8-10) are clinging to the final playoff spot in the Eastern Conference and have lost seven of 10 games.

Augustin, 26, played sparingly for the Raptors after a season with the Indiana Pacers. In 10 games in Toronto, he averaged two points and eight minutes.

The Raptors signed Augustin as a free agent this summer, but released him after needing the roster spot upon completing a seven-player trade with the Sacramento Kings.

As part of the deal that unloaded Rudy Gay, the Raptors acquired guard Greivis Vasquez. For now, Toronto has committed to young, developing point guards Julyan Stone and Dwight Buycks as backups for the season.