The Chicago Bulls officially waived Carmelo Anthony today, paving the way for the veteran forward to sign with a team of his choosing, such as the Los Angeles Lakers.

The Bulls finally opted to release Melo today because they needed a roster spot after acquiring the Oklahoma City Thunder's Timothe Luwawu-Cabarrot. According to ESPN, the Thunder will save $7.3 million toward its luxury tax bill by sending Luwawu-Cabarrot to the Bulls.

The Bulls officially acquired Anthony on January 22 following a deal with the Houston Rockets, but he never suited up for the team and it was always a matter of when he would be released. Now that the time has come, it is believed that Melo will wait until after the NBA's February 7 trade deadline to see which team is the best fit.

According to Bovada, the Lakers are the odds on favorite to land Anthony, but the Portland Trail Blazers, Miami Heat and Philadelphia 76ers are also among the teams listed in the Carmelo sweepstakes. 

Anthony, 34, has not played since November 8 after the Houston Rockets announced that they'd be parting ways with the 16-year veteran. In 10 games with the Rockets this season, Melo averaged a pedestrian 13.4 points and 5.4 rebounds in a career-low 29.4 minutes per night.

ESPN's Adrian Wojnarowski reports the Lakers are certainly interested in adding Melo, but they do not want to waive a guaranteed player to create a roster spot for him.