11:13am: According to Michael Cunningham of the Atlanta Journal Constitution, the Hawks had interest in Korver, but it appears he's "likely" heading to the Timberwolves in a trade. The T-Wolves need to clear some cap space for other moves they've lined up, so I wonder if they intend to trade guaranteed salary for Korver's non-guaranteed deal.
8:12am: The Bulls have until Sunday to decide whether or not they'll bring back Kyle Korver for another season, and haven't ruled out retaining him. However, in the meantime, the team is also exploring trade possibilities that could send Korver to another club, such as the Timberwolves or Hawks, according to Neil Hayes of the Chicago Sun-Times.
Although Chicago reached an agreement to sign Kirk Hinrich, the team's strong roster depth of a year ago seems to be taking a hit. The Bulls will not guarantee Ronnie Brewer's deal, and appear unlikely to retain C.J. Watson as well. With the Rockets prepared to sign restricted free agent Omer Asik to a lucrative offer sheet, the Bulls' decision on Korver may hinge on whether they end up matching Asik's offer, says Mike McGraw of the Daily Herald.
If the Bulls don't find a trade they like for Korver, they have the option of waiving him by Sunday and only taking a $500K cap hit. If the club decides to hang onto him, his contract will become guaranteed for the full $5MM.