Daequan Cook was recently waived by the Houston Rockets, and just cleared waivers minutes ago. ESPN's Marc Stein says to expect the Bulls to pick him up:

Daequan Cook scheduled to clear waivers at 5 PM ET. If he's not claimed, I'm told, Bulls firmly in lead to sign 3-point specialist

— Marc Stein (@ESPNSteinLine) January 4, 2013

NBA teams just notified that Daequan Cook has indeed cleared waivers

— Marc Stein (@ESPNSteinLine) January 4, 2013

[Note by JayPatt, 01/04/13 5:22 PM CST: Per Stein, Cook's agent Mike Conley Sr. has made the signing official]

The Bulls could really use some three-point shooting, and that's essentially all Cook is good for. He's a career 36.5 percent shooter from deep and had a couple good decent seasons with the Heat and Thunder. Here's a stat Matt dug up about this season:

Daequan Cook is over 36% on threes this season (around his career mark) and in those 165 minutes would be 5th on Bulls in attempts (30)

— BullsBlogger (@BullsBlogger) January 4, 2013

Bulls are hard-capped of course, but have room to add a player at the pro-rated minimum. Would be a pretty nice signing in my opinion, although it could further signal Richard Hamilton's impending exit. But we're pretty much expecting that anyway.