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Sources close to the situation have indicated that current free agent PG John Lucas III, who spent last season with the Bulls, is close to signing with the Toronto Raptors.

Lucas III averaged 7.5 points and 2.2 assists as a reserve for the Bulls in 2011-2012.

The Raptors, who have gone under a roster makeover this offseason, are looking to add JL3 to the squad to back-up newly acquired guard Kyle Lowry. There have been swirling rumors revolving around Toronto's Jose Calderon regarding trades. Word is that Calderon is not interested in coming off the bench as Lowry is a clear upgrade and sign that the organization is going in a different direction, away from Calderon.

With the additions of Kirk Hinrich, Marquis Teague and speculation to add Jonny Flynn among other free agent point guards, the Bulls don't seem to be a suitable destination for John anymore.

ESPN's Marc Stein writes, "The Toronto Raptors are closing in on the signing of free-agent point guard John Lucas III, according to sources close to the process. Sources told ESPN.com the sides are in advanced discussions to finalize the terms on a multiyear deal to add Lucas to a backcourt rotation that had already been strengthened earlier this month by the Raptors' acquisition of Kyle Lowry. One source said Wednesday the Chicago Bulls, who've employed Lucas for much of the past two seasons, were resigned to losing the 29-year-old. With the Raptors and representatives for point guard Jose Calderon working together on trying to find a new home for Calderon via trade, as ESPN.com reported last week, Lucas has been targeted by the Raptors to potentially serve as Lowry's primary backup when Calderon -- who wants a fresh start -- moves on."

We'll keep you updated on the situation at hand.

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