Mike James has reached an agreement with the Bulls, and will sign a training camp deal with the team later this week, reports ESPN.com's Marc Stein (via Twitter). It's not clear what sort of contract James will sign, but I'd imagine it'll be fully non-guaranteed, or close to it.
James, 38, had a solid season for the Mavericks in 2012/13, averaging 6.1 PPG and 3.1 APG in 45 contests. He started 23 games at the point for Dallas, when the team's other options were underperforming. The veteran appeared in 11 games for the Bulls in 2011/12, so if he can earn a regular-season roster spot with the club this season, it'll be his second stint in Chicago.
At the moment, it appears as if James has at least a decent chance to break camp with the Bulls. The team only has 11 players on fully guaranteed contracts, plus second-rounder Erik Murphy on a partially guaranteed deal. Dexter Pittman, like James, is expected to be in camp with Chicago, and I'd imagine the team will extend invites to at least a couple more players.
James had previously been in talks with the Mavericks about a potential return to Dallas. However, the Mavs bolstered their backcourt in July free agency, leaving little room for James.