Jaric, a veteran of seven NBA seasons with the Los Angeles Clippers, Minnesota Timberwolves and Memphis Grizzlies, was invited to Bulls camp after spending last season playing for Montepaschi Siena of the Italian League.
He hasn't played in the NBA since the 2008-09 season.
Jaric, who averaged 7.1 points a game in his NBA career, played just 3.5 minutes per game in four preseason games with the Bulls.
Allen, a rookie guard out of UW-Milwaukee and a former standout at Thornton Fractional High School in Harvey, Ill., appeared in two preseason games with the Bulls.
The Bulls must have their opening night roster set by 4 p.m. CT on Monday. They open the season Oct. 31 against the Sacramento Kings.