Deng, 28, is averaging 19 points, 6.9 rebounds and 3.7 assists in 23 games. The Cavaliers have lost eight of their last nine games, and are hoping the two-time All Star can help turn things around for the team.
"We have worked to acquire and maintain flexibility in order to capitalize on opportunities such as this," Cavs general manager Chris Grant said. "Luol reflects all that we are striving for in building our team. He's a tremendous defensive player that can impact the game on both ends of the court with a team-first mentality and is a high-character leader."
The Bulls are expected to waive Bynum on Tuesday to avoid paying his $12.3-million salary. Bynum, 26, is averaging 8.4 points and 5.3 rebounds in 24 games. He was suspended by the Cavaliers last month for conduct detrimental to the team and has been limited by knee injuries this season.
In addition to Bynum, the Bulls will receive the Sacramento Kings’ 2014 first-round pick (top-12 protected), the Portland Trail Blazers’ 2015 and 2016 second-round picks, and the right to swap 2015 first-round picks with the Cavaliers (if Cleveland’s selection falls between 15-30).
The Cavaliers had talks with the Lakers over the past week about acquiring four-time All-Star Pau Gasol, but the two sides could not reach an agreement.