In return, the Bulls received guards MarShon Brooks and Wayne Selden, accompanied by two second-round picks.
Per ESPN's Adrian Wojnarowski, Memphis is giving up its 2019 and 2020 picks to Chicago in the deal.
A three-team trade involving the Phoenix Suns, Memphis Grizzlies and Washington Wizards fell through Friday night, according to multiple outlets, over a unusual miscommunication about which player named Brooks would be included. His 97 3-pointers are the eighth-most in the National Basketball Association this season.
The Bulls parted ways with 29-year-old forward Justin Holiday, sending him over to the Grizzlies.
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Brooks, 29, is a journeyman who's averaging 6.6 points in 13.3 minutes across 29 games while shooting 45.0 percent overall and 27.8 percent from 3-point range. In a related move, the Bulls also waived guard Cameron Payne.
Nearly immediately following the trade, the Bulls chose to waive point guard Cameron Payne.
Holiday is on an expiring contract and could be moved again before the February 7 trade deadline as long as his contract is not aggregated with another player.
Payne has averaged 5.7 points and 2.7 assists while primarily coming off the bench in 31 games.