The Cleveland Cavaliers finally found a taker for Andrew Bynum as they acquired All-Star forward Luol Deng from the Chicago Bulls for the troubled center and future picks, reports stated Tuesday.

The Cavaliers have been negotiating with several teams in the past few days, looking to find a taker for the team-friendly contract of Bynum. They were engaged in deep talks with the Los Angeles Lakers about a potential deal involving Pau Gasol, but the two teams failed to reach "common ground" on Sunday.

The deal signaled an end of an era in Chicago, whose title hopes this season were thrown out the window after superstar point guard Derrick Rose went down with another knee injury.

Acquiring Bynum, who is expected to be waived by the Bulls on Tuesday before half of his $12.25 million contract becomes guaranteed, will save the Bulls around $15 million in salary and taxes this season, while also putting the team in a better position to rebuild starting next summer.

"The moves today will put us in a better position to make the entire roster stronger for the future and to compete for a championship," Bulls general manager Gar Forman said in Chicago Tribune interview.

Aside from getting financial flexibility in the next few seasons, the Bulls also acquired the rights to Sacramento Kings' pick that is Top 12 protected in 2014 and Top 10 protected from 2015 to 2017.

Chicago also acquired the 2015 and 2016 second-round picks the Cavaliers got from the Portland Trail Blazers. The Bulls will also have an option to swap picks with the Cavaliers in 2015 as long as Cleveland's first-round pick is between 15 and 30.

The Bulls previously said that they will not trade Deng this season, but the two sides reportedly met last week about a contract extension. However, the veteran forward turned down a three-year, $30 million extension offer.

Deng, who is averaging 19.0 points and 6.9 rebounds per game this season, is expected to provide veteran leadership the Cavaliers are sorely looking for in order to make a push for the playoffs this season.

"We have worked to acquire and maintain flexibility in order to capitalize on opportunities such as this," Cavaliers general manager Chris Grant said in a statement via ESPN. "Luol reflects all that we are striving for in building our team. He's a tremendous defensive player that can impact the game on both ends of the court with a team-first mentality and is a high character leader."