Canaan has been searching for a team all summer after being waived by the Bulls at the end of June before his $200K guarantee for the upcoming season kicked in. The 26-year-old guard got into 39 games for Chicago last season, averaging 4.6 points in about 15 minutes per night.
If he earns a roster spot, Oklahoma City will be his fourth NBA team. He has also played for the Rockets and Sixers during his first four years in the league.
Canaan’s signing comes a day after Trey Burke agreed to a deal with the Thunder, then reconsidered and decided to seek a different opportunity. OKC has been looking for a veteran point guard to back up Russell Westbrook.