Updated

The Chicago Bulls and free-agent guard Jimmer Fredette have announced a contract that covers the rest of the season.

Fredette, the 10th overall pick in the 2011 draft, was bought out by the Sacramento Kings on Thursday and cleared waivers on Saturday. He is averaging just 5.9 points and 11.3 minutes in his third season.

The 25-year-old Fredette says the Bulls were the best option for him because of how hard they play and coach Tom Thibodeau's ability to get the best out of his players. He is available for Sunday's game against the New York Knicks.

The Bulls are hoping the 6-foot-2 Fredette can provide consistent outside shooting. He is shooting 49 percent from 3-point range this season.