Terms were not disclosed, but Vucevic's agents, Bill Duffy and Rade Filipovich, told ESPN's Adrian Wojnarowski that the deal is for three years and $60 million.
Vucevic, who will turn 33 near the start of next season, played all 82 games and averaged 17.6 points for the Bulls last season.
Vucevic's scoring and rebounding averages were identical in his two full seasons in Chicago -- 17.6 points and 11.0 rebounds -- but following a down shooting year in 2021-22, he became more comfortable sharing the floor with DeMar DeRozan and Zach LaVine. He shot 52% from the field, including 59.4% on 2-pointers in 2022-23 and was one of two Bulls players (Patrick Williams) to play all 82 games.
Vucevic's production and availability for every game this season was a major reason why Bulls vice president Arturas Karnisovas called him a huge part of the team at the end of the year, when he signaled that he planned to bring Vucevic back to Chicago.
The Bulls acquired the two-time All-Star from the Orlando Magic at the 2021 trade deadline, one of the first major roster moves by Karnisovas after taking control of the front office.
ESPN's Jamal Collier contributed to this report.