NBA: Chicago Bulls at Miami Heat
NBA: Chicago Bulls at Miami Heat Reuters

Veteran small forward Caron Butler has reportedly reached a buyout agreement with the Milwaukee Bucks, and is set to join a contender soon, an NBA insider disclosed on Thursday.

Butler, who won his lone NBA championship ring with the Dallas Mavericks, is on his way to joining another title-chasing team midway into the season after he decided to buy out from his contract with the rebuilding Bucks.

Butler averaged 11 points and 4.6 rebounds for his home state team, but the lure of winning another championship is too great for the 33-year old veteran to forego.

According to source, the Miami Heat and the Oklahoma City Thunder emerged as the frontrunner for Butler, while the San Antonio Spurs are another potential destination for the former All-Star.

"Caron Butler has reached a contract buyout agreement with the Milwaukee Bucks, league source tells Yahoo Sports," Adrian Wojnarowski reported on Thursday.

Butler hinted his potential move to get out of Milwaukee in January, as he looks for a chance to win a championship with a title contender this season.

I know I'll be in a good situation because it can't get worse. If something was to happen, I know I will be going somewhere pretty good and I'm definitely ready to compete at a high level. I'm definitely well-rested. I'm healthy and I feel good," Butler said via Milwaukee Journal Sentinel.