The Chicago Bulls officially waived Andrew Bynum on Tuesday after he was acquired along with future picks in a blockbuster trade that sent All-Star forward Luol Deng to the Cleveland Cavaliers on Monday.

Waiving the oft-injured center was an expected move from the Bulls, who decided to give up one of the cornerstones of their team for Bynum's team-friendly contract, paving the way for a lot of room to rebuild in the next few seasons.

Had the Bulls decided to retain Bynum, the eight-year veteran center would have received half of his $12.25 million salary this season. By giving up Deng and releasing Bynum, the Bulls will save more than $20 million in salary and taxes this season.

"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 a statement via the Chicago Tribune.

Bynum will become a free agent by the end of the week after clearing waivers.

Despite his bad history of knee injuries and the recent troubles he went through while he was still in Cleveland, reports suggested that the 26-year-old center is expected to attract strong interest from several teams.

ESPN reporter Chris Broussard, citing a source privy to the situation, said that eight teams have already expressed interests in acquiring Bynum after clearing waivers. He also added that Bynum's decision will rely on several factors -- playing time, contender status, and salary.

ESPN also reported that the Miami Heat, Los Angeles Clippers, and the New York Knicks are expected to aggressively pursue Bynum to add depth into their already-crowded roster.

The Heat will have to create roster space in order to acquire Bynum. They had the chance to create a spot, but they decided to retain Roger Mason on Tuesday. It is also worth mentioning that the Heat also have Greg Oden, who is also dealing with knee troubles.

The Clippers, on the other hand, are looking for additional frontcourt depth to backup starting center DeAndre Jordan and star power forward Blake Griffin, while the Knicks will look to add Bynum into their injury-riddled frontcourt, which includes Tyson Chandler and Amar'e Stoudemire.