Report: Marco Belinelli to Bulls deal done

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UPDATE 7:07 pm: Marco Belinelli will make $1.96 million on a one-year contract with the Bulls, according to Ken Berger of CBSSports.com. That sticks with their plan of keeping cap space open in future years to chase after bigger fish to pair with Derrick Rose.

2:34 pm: The summer of treading water in Chicago — holding their ground and keeping options open for a couple years from now — continues in Chicago, although with a signing that is a little better than Bulls fans probably realize.

Chicago has got its man in Marco Belinelli, tweets Aggrey Sam of CSNChicago.com.

Source confirms Marco Bellinelli’s deal with the Bulls is done. Also: Bulls attempting to sign summer-leaguer Malcolm Thomas to 1-year deal.

Sam says the Bulls are still going after free agent Randy Foye.

Expect Belinilli’s to be a two year deal with maybe a team option for a third, the Bulls want a lot of cap space in the summer of 2014 to get another star to go next to Rose.

Last season Hornets’ coach Monty Williams spoke well of Belinelli, he really liked how the Italian fit into what Williams was trying to establish with a defense-first philosophy. He said Belinelli was very coachable. And it doesn’t hurt that the Bulls need some shooting and he is a career 39 percent three-point shooter. This is a nice fit, a guy who you can give more minutes to if Rip Hamilton struggles or is injured.

That said, is this some great upgrade for the Bulls bench? No. Just treading water.