Chicago guard Ben Gordon accepted the Bulls' one-year, $6.4 million tender offer just before the deadline Wednesday night.
A restricted free agent, Gordon was looking for a long-term deal that never materialized.
"He's very happy to be able to go back and play basketball," agent Raymond Brothers said. "He looks forward to talking to the Bulls next summer about an extension."
Chicago's leading scorer the past three years, Gordon can not be traded this season but could leave as an unrestricted free agent next summer. He had few options this time.
He was unable to work out a sign-and-trade deal and rejected the idea of playing overseas since the Bulls would have retained his rights. The only other option would have been a multiyear deal.
The fifth-year guard was present but did not participate in a morning practice at the Bulls' suburban training facility, a team spokesman confirmed. He was a no-show for a late afternoon session, but he will be there on Thursday.
"Absolutely," Brothers said.
Gordon, who led the Bulls averaging 18.6 points last season, could still sign a one-year qualifying offer worth $6.4 million and become an unrestricted free agent at season's end.
Team officials said earlier this week that they still hoped that a multiyear agreement could be reached. Earlier this summer, Gordon reportedly rejected a five-year, $50 million deal last summer.
Bulls officials were not available Wednesday to discuss Gordon's status. General manager John Paxson was expected make a statement on Thursday morning.
The Bulls welcome back nearly the entire team that finished 33-49 last season.