The New Orleans Pelicans will trade guard/forward Quincy Pondexter and a second-round pick to the Chicago Bulls in exchange for salary relief, according to Shams Charania of The Vertical.

This move is meant to help the Pelicans get some money off the books prior to the stretch provision deadline, as teams have until 11:59 p.m. tonight to waive a player and be eligible to use it, according to ESPN Insider Bobby Marks. New Orleans is now $5.3 million under the hard cap and $4.7 million below the tax threshold.

Pondexter signed a four-year, $14 million deal with the Memphis Grizzlies in 2014 and has one year left in his contract for $3.9 million. He will now call Chicago his home after being absent from NBA circles for the last two seasons due to an injury-plagued last couple of years.

The 29-year-old underwent an arthroscopic left knee surgery for the third time on Jan. 4, rendering him unable to play this past season.

Pondexter can be a good source of three-point shooting off the bench, but his upside will be handcuffed to his durability. He shot a career-high 43.3 percent from deep through 45 games with the New Orleans Pelicans in his second stint with the team.

The Washington product recently posted a video of him doing rehabilitation work with his trainer, doing lateral movement and agility exercises to test out his knee.

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Last week, he was given a rating of 73 on NBA 2K18, only to make a gag joke over the durability of his knee.

While the Bulls are unlikely to feature him as a core part of their rotation, his three-point shooting ability definitely fits with Fred Hoiberg's outside-in system, while the Pelicans are now able to unload $3.9 million off their total cap space. New Orleans is now $5.3 million under the hard cap and $4.7 million below the tax threshold.