The deal is for a veterans minimum of $2.3 million, Bauman confirmed on Twitter. Sources told ESPN the deal is not fully guaranteed.
Bogut suffered a broken leg during his Cleveland Cavaliers debut in February and missed the rest of the season.
He had earlier reached a buyout agreement with the Philadelphia 76ers, then had several contenders vying for his talents -- a 7-foot rim protector with playmaking abilities.
At the time, the Cavs said Bogut would not have surgery but would instead undergo "an extended period of immobilization and healing stimulation."