Bulls' Pau Gasol: Opts out of player option

Gasol officially declined his $7.8 million player option for the 2016-17 season and will become an unrestricted free agent, Marc Stein of ESPN.com reports.

Analysis:

This move was expected all along, so Gasol's decision to decline on Monday was only a formality. He's expected to sign with a contender in need of a frontcourt presence, which very well could mean the end of his three-year run with the Bulls. Gasol recently announced he'll play for the Spanish national team during the 2016 Summer Olympics in Rio de Janeiro, but with free agency opening up on Jul. 1, he'll likely provide a decision on where he'll play next season before leaving for Rio.