Morrison's deal does not contain an NBA opt out clause, so the former No. 3 overall pick will be in Serbia for the duration of the season.
Mark Bartelstein, Morrison's Chicago-based representative, said Friday that there had been "real conversations" between the parties and acknowledged legitimate interest "on both sides" after overseas reports described the deal as all but done.
Morrison was on the Lakers' roster for two championships after being dealt to L.A. with Shannon Brown for Vladimir Radmanovic, but the 27-year-old has not been a rotation player since suffering a serious knee injury that cost him the entire 2007-08 season.
Morrison is determined to play and play a lot in the hopes of working his way back to the NBA.
Marc Stein is a senior NBA writer for ESPN.com.