UPDATE: Per ESPN's Adrian Wojnarowski, the Bulls' trade of Nikola Mirotic to the Pelicans has now fallen apart.

The Chicago Bulls will send forward Nikola Mirotic to the New Orleans Pelicans in exchange for center Omer Asik and a first-round pick, according to Vincent Goodwill of NBC Sports Chicago.

Mirotic was certainly the hottest prospect in the Bulls' roster, posting career-highs across the board after recovering from facial fractures stemming from a preseason altercation with teammate Bobby Portis.

Portis had cemented himself as rookie Lauri Markkanen's back-up, lining the walkway for Mirotic to be shopped to teams interested in his services around the league.

Asik has little to offer for the Bulls, as a non-scoring, unathletic center with declining defensive impact, but it is the first-round pick that makes all the difference for a team trying to revamp their franchise with young talent. Chicago is likely to take the hit on Asik, but look to move it off the books as soon as possible.

Mirotic meanwhile will bring a high-octane scoring punch that could help keep the Pelicans' playoff hopes alive after a devastating season-ending injury to center DeMarcus Cousins, who ruptured his Achilles tendon last week.

The Pelicans could opt to bring Dante Cunningham off the bench and put Mirotic in the starting lineup, or even bring him off the bench as a sixth man — though regardless of what role he takes, it is evident they will need his scoring, and most-importantly, his 3-point shooting, as he's connecting at a career-high rate of 42.9 percent for the season.

Mirotic is averaging 16.8 points, 6.4 rebounds, and 1.6 assists per game this season, having a breakout year in his fourth season in the league.