Charlotte on Thursday sent a future, protected first-round pick to Chicago, along with the expiring contracts of guards Flip Murray and Acie Law.
The Bobcats have lacked depth behind Boris Diaw. They hope Thomas will provide needed rebounding and shot-blocking.
The 6-foot-10 Thomas is averaging 8.8 points and 6.3 rebounds and making $4.7 million in the final year of his contract. He'll be a restricted free agent this summer.
The deal gives the Bulls more coveted salary-cap space this summer.
The Bobcats made another minor trade, acquiring veteran big man Theo Ratliff from San Antonio for a second-round pick.