The Chicago Bulls have agreed to send Anthony Randolph to Orlando Magic in exchange for two future second round picks, according to a league source.

The Bulls acquire the draft rights to Milovan Rackovic from the Magic. Randolph was acquired by the Bulls on draft night as part of the deal that landed Doug McDermott from the Denver Nuggets. The Bulls sent the 16th and 19th picks in the draft, as well as a future second round pick, to Denver in exchange for Randolph and McDermott. Randolph was never thought to be part of the Bulls' future plans and is expected to be waived by the Magic, according to USA Today, which earlier reported the deal.