The Cleveland Cavaliers have agreed to trade Andrew Bynum and three future first round picks to the Chicago Bulls for Great Britain forward Luol Deng.

The Bulls will waive Bynum as soon as the deal is finalised, reports, as the Bulls look to save more than $15 million in salary and luxury taxes because they cut Bynum before the second half of his $12.3 million contract becomes guaranteed.

The move will also take the Bulls below the luxury tax.

The Cavs will send a first-round pick – top 10 protected over the next two years – that the Sacramento Kings owe them to the Bulls, plus two future second-round picks that belong to the Portland Trail Blazers. The Bulls will also have the right to swap 2015 first-round picks with Cleveland as long as their pick is outside the lottery.

Chicago had originally been reluctant trading Deng after Chicago failed to reach a contract extension with him before the season. But with a season-ending injury to Derrick Rose and the offer of savings plus three draft picks, it was an offer to good to refuse as the Bulls now look to rebuild.

Deng has been hampered with injuries ever since the London Olympics in 2012, but has played on, despite not being fully 100 percent. The forward is currently recovering from a sore Achilles as the deal takes place.

The Great Britain international decided to miss last summer’s Eurobasket in order to rest up for the new season after he defied the orders of the Chicago Bulls management to play at the Olympic Games in London.

Two-time All-Star forward Deng has averaged 19 points and 6.9 rebounds in 23 games for the Bulls this season.

“Luol reflects all that we are striving for in building our team,” Cavaliers general manager Chris Grant said in a statement. “He’s a tremendous defensive player that can impact the game on both ends of the court with a team-first mentality and is a high character leader.”