If Parker signs an offer sheet with another team, the Bucks would have up to 48 hours to match the deal.
Parker is a restricted free agent, which gives the Milwaukee Bucks matching rights. He signed his first NBA contract with Milwaukee on July 9, 2014.
Though Parker has alternated between power and small forward, the Bulls' initial plan is to start him at small forward, a position of need. But, he has struggled with injuries throughout his career. The team has discussed allowing Parker to become an unrestricted free agent by pulling his qualifying offer, but that has yet to happen, league sources said. His best season came in 2016-17 when he averaged 20.1 points and 6.2 rebounds in 51 games.
Parker, a Chicago native, has torn his ACL in his left knee twice during his career.
Fans in the area flocked to the court and Parker played in some pick-up games with those that showed up. He entered the league with a questionable outside shot, but he has also steadily improved his 3-point shooting over the past two seasons. But LaVine returned to Chicago after it matched the deal last week.