Asik hadn't played for the Bulls this season after he was ruled out indefinitely with inflammatory arthritis in September.
Asik's $11.3 million salary for 2018-19 was fully guaranteed, and he is owed $3 million for next season as a partial guarantee. The Bulls would owe him the full $14.3 million unless a team claims him off waivers, which is unlikely.
Chicago acquired Asik, 32, as part of the trade that sent forward Nikola Mirotic to the New Orleans Pelicans in February. He has career averages of 5.3 points and 7.1 rebounds per game in his eight seasons.
The Bulls also announced they have signed guard Shaquille Harrison, who averaged 6.6 points and 2.7 rebounds in 23 games for the Phoenix Suns last season.