Fredette reached a buyout agreement with the Sacramento Kings earlier this week and has found a spot to land in Tom Thibodeau's system.
"We are very excited to add a player like Jimmer to our roster," Bulls general manager Gar Forman said in a statement. "We've followed him closely throughout his collegiate and professional career, and believe he'll be the type of player that will fit in with our group and be an asset to the team."
While Thibodeau wouldn't confirm interest in Fredette on Friday, he did admit the Bulls would welcome any shooting they could get.
"We could always use shooting, so we'll see," Thibodeau said. "I know they're looking at a number of guys right now. But any time we could add shooting, we're interested. I think the more shooting you have, the more it opens up the floor. It's just to create the space, too. We want to open things up where we could attack off the dribble with our cuts, things of that nature. But it's also how you complement your primary scorers, so we feel that's an area of need."
Bulls forward Taj Gibson was excited about the possibility of adding Fredette when told of the buyout situation on Friday. He said a change of scenery will help the former BYU star, who struggled to find minutes in Sacramento.
"I've seen that he's got talent," Gibson said. "It's just that the team that he was on he never really got a chance to do much because they've got the characters on that team where they don't seem too serious, you know what I'm saying? Playing on strict, good teams kind of brings the best out of a player.
"You look at the way [D.J. Augustin has] been playing. You look at the way Tony [Snell], our rookie's been playing. Guys are taking the veteran leadership and guys that work hard -- I think [Fredette] will have fun playing with us. He'll learn a lot."
The Bulls' roster now stands at 13 players.