The 6-foot-10, 250-pound Smith averaged 5.3 points and 4.1 rebounds in 14.4 minutes per game over the last three seasons with the Houston Rockets. The Bulls signed him through next season after Houston waived him in April.
According to the source, the Mavs are giving up "nothing" in the deal, which was first reported by Yahoo Sports. The Bulls are simply dumping a little bit of salary to help them make another move.
Smith, who will make $948,163 in 2014-15, fills the Mavs' need for a low-priced banger off the bench, the role filled by DeJuan Blair last season. The Mavs are also likely to re-sign Bernard James to a minimum-salary deal, a source said.