Former college basketball hot shot Jimmer Fredette is reportedly close to signing a deal with the Chicago Bulls, a league insider disclosed on Friday.

After reaching a buyout agreement with the Sacramento Kings, the former BYU Cougars superstar is ready to join a contender, as he's leaning towards signing a contract with the Bulls.

"At USAT: Former Kings guard Jimmer Fredette has told the Chicago Bulls he'll sign with them if he clears waivers," Sam Amick reported.

Fredette, who is averaging 5.9 points while shooting 49 percent beyond the three-point line this season, will clear waivers soon and join Chicago, who has surprisingly become an elite team in the weak Eastern Conference, despite injured star guard Derrick Rose and the money-saving trade that sent Luol Deng to Cleveland Cavaliers in January.

Fredette was selected as the 10^th overall pick in the 2011 Draft, but he never gained the trust of the team's coaching staff in his three-year stay with the Kings. In fact, he just logged in 15 minutes per game throughout his entire career and only started seven times.

While the statistics are disappointing for the former NCAA colleg basketball Player of the Year, many analysts— ncluding Bleacher Report writer Adam Fromal—are optimistic Fredette will recapture his old form and become a solid contributor for any team because of his range and accuracy.

"Intrigued by his incredible talent from beyond the arc and the untapped nature of his game, plenty of teams will come calling once the buyout is completed," Fromal wrote.

Meanwhile, the Bulls are trying to gain a homecourt advantage in the first round of the playoffs. Under head coach Tom Thibodeau, the Bulls have maintained their status as one of the fiercest defenses in the league. However, the impressive play of big men Joakim Noah and Taj Gibson has put the Bulls back in the mix.

NBA analysts believe Fredette's long distance shooting will give the Bulls another streaky shooter alongside Mike Dunleavy Jr., who could stretch opponents' defenses and made things easier for Chicago's stars to operate inside.