In exchange for Rose, guard Justin Holiday and a 2017 second-round draft pick, the Bulls have acquired center Robin Lopez and guards Jerian Grant and Jose Calderon.
Rose, 27, averaged 16.4 points, 4.7 assists and 3.4 rebounds in 66 games this past season. He was the first overall draft pick in 2008, the NBA Rookie of the Year in 2008-09 and the NBA MVP in 2010-11.
However, knee injuries have derailed what once was a promising superstar career. The three-time All-Star missed the entire 2012-13 season, played in 10 games in 2013-14 and played in 51 games in 2014-15.
Rose is scheduled to make more than $21 million during 2016-17 season and will be a free agent next summer.