Hamilton heads to Chicago after a very successful nine-season stint with Detroit (2002-2011), helping the Pistons make six consecutive trips to the Eastern Conference Finals (2003-2008), two trips to the NBA Finals (2004, 2005) and an NBA Championship in 2004.
The 33-year-old Connecticut product averaged 14.1 points, 2.3 rebounds and 3.1 assists in 55 games (39 starts) last season.
Hamilton is one of six players in Pistons franchise history to reach the 11,000-point plateau and one of five players to score 50-plus points in a game. He led the team in scoring for eight of his nine seasons.
"We are excited to welcome a player, and person, with the credentials of Richard Hamilton to our organization," said Chicago Bulls general manager Gar Forman. "Rip has been a winner at every level. His resume speaks for itself, and we are confident that he will be an excellent fit with our team, both on and off the floor."
In 631 games as a Piston, he averaged 18.4 points, 3.4 rebounds and 3.8 assists.
Hamilton has averaged 17.7 points, 3.2 rebounds, 3.5 assists in 843 career games (710 starts) with Washington and Detroit.