“Jabari is a 23-year-old player who is a natural fit with our young core, and is a proven scorer at the NBA level,” Bulls general manager Gar Forman said in a statement.

“We look forward to welcoming him back to his hometown.”

Terms of the deal were not disclosed but several US media reports said Parker had signed a two-year deal worth $20 million per season.

The Bulls have waived Paul Zipser and Julyan Stone to free up salary space for Parker’s arrival.

Parker was the second overall pick in the 2014 NBA Draft and has played all four seasons in Milwaukee.

He played in 183 games for the Bucks, averaging 15.3 points, 5.5 rebounds and two assists per game.

Parker’s career has been interrupted by two serious knee injuries during his first four seasons in the league.

The Bulls have an option on the second year of Parker’s deal, meaning he effectively has a season to prove his form and fitness.

Bucks general manager Jon Horst said Parker had been made an unrestricted free agent to help facilitate the Bulls trade.

“We appreciate everything Jabari has brought to our team and our community over the last four years and we wish him well,” Horst said in a statement.