Powell agreed to a two-year, $45 million contract with the Bulls on Wednesday, Shams Charania of ESPN reports.
Powell has averaged at least 21 points per game in each of the past two seasons, including his first All-Star appearance during his age-32 campaign with the Heat in 2025-26. However, the veteran will now join his third team in as many years, likely serving as the starting shooting guard next to Josh Giddey in Chicago's backcourt.
Powell is unlikely to re-sign with the Heat this offseason, Shams Charania reported Tuesday on The Pat McAfee Show.
Powell is an unrestricted free agent this summer, and it sounds like Miami is preparing to go in a different direction as it tries to manage its payroll following Monday's acquisition of Giannis Antetokounmpo (calf). The All-Star guard averaged 21.8 points, 3.2 rebounds, 2.1 assists, 1.2 steals and 3.0 three-pointers in 32.6 minutes per contest through 60 regular-season games last year, so his market value could be higher than the Heat are willing or even able to meet.
Powell recorded 11 points (5-9 FG, 1-2 3Pt), two rebounds and one assist in 19 minutes during Tuesday's 127-126 overtime Play-In Tournament loss to Charlotte.
Powell was limited to just 19 minutes, ending what was otherwise a positive season for the veteran. He finished with averages of 21.6 points, 3.5 rebounds, 2.4 assists, 1.1 steals and 2.7 three-pointers, doing enough to earn his first All-Star nod. Assuming he returns to Miami next season, expect to see Powell playing as the second or third option on offense, flirting with 20 points per game on most nights.
Powell (groin) is listed as available for Sunday's game versus Atlanta.
Powell has appeared in only two of Miami's last seven games, most recently missing Friday's 140-117 win over Washington. Despite his availability, he might come off the bench. However, with Pelle Larsson (leg) ruled out, Powell could find himself back in the starting lineup for the first time since the 149-128 loss to Cleveland on March 27.
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Heat's Norman Powell: Questionable for Sunday
Rotowire
Powell (groin) is questionable for Sunday's game against the Hawks.
Powell skipped Friday's win over Washington due to the groin issue, but there's a chance he could get back out there for Miami's regular-season finale. If Powell is cleared, there will be fewer minutes available for Jaime Jaquez, Myron Gardner and Simone Fontecchio.
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Heat's Norman Powell: Unavailable versus Washington
Rotowire
Powell (groin) is listed as out ahead of Friday's game against Washington.
Powell has appeared in Miami's last two games despite battling groin soreness. However, he won't play Friday, giving him one more opportunity to suit up before the Heat gear up for the Play-In Tournament. With Tyler Herro (foot) also ruled out Friday, Kasparas Jakucionis may draw a sport start against one of the most defensively vulnerable teams in the league.
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Heat's Norman Powell: Doubtful for Friday
Rotowire
Powell (groin) is doubtful for Friday's game against the Wizards.
The Heat initially listed Powell as questionable, but it looks as though he will be held out for maintenance. Tyler Herro (foot) has been ruled out, so the Heat will be very thin on the wings.
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Heat's Norman Powell: Questionable for Friday
Rotowire
Powell (groin) is questionable for Friday's game against the Wizards.
Powell may be rested for the second leg of this back-to-back set with soreness. On Thursday against Toronto, he played a mere 17 minutes off the bench with seven points to show for it.
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