The deal likely will be completed Tuesday, according to the Chicago Tribune.
Meanwhile, the Nets reportedly are sending guard Tyshawn Taylor to the New Orleans Pelicans. The deal involves future draft considerations going to the Nets and the Pelicans getting cash in addition to Taylor, according to the New Orleans Times-Picayune.
Teague, the 31st overall pick of the 2012 NBA Draft, has not established himself with the Bulls. He appeared in 19 games with them, but also spent time with their D-League affiliate.
Shengelia also is young, a 22-year-old forward from the republic of Georgia. He saw limited minutes in 17 games and expected to become the odd man out as Nets forwards returned from injuries. Like Teague, he has spent time in the D-League.
Teague is expected to provide depth for the Nets as they await Deron Williams' return from ankle surgery.
Most reports say the Bulls will benefit most from removing Teague's salary, allowing them to stay under the NBA's luxury tax ceiling.
Taylor arrives in New Orleans to help patch backcourt depth while Jrue Holiday recovers from a broken leg. A 2012 second-round pick, he is another bit player.
RODMAN IN REHAB
Dennis Rodman has checked into an undisclosed alcohol rehabilitation center to treat his long-time struggle with alcoholism, his agent says.
Darren Prince declined on Saturday to say which facility will treat Rodman and how long he will be there. Rodman recently returned to the United States from his latest trip to North Korea.
He later apologized for comments he made in North Korea about a detained American missionary, saying he had been drinking and was under pressure as he organized an exhibition game there. He also sang "Happy Birthday" to North Korean leader Kim Jong Un at the start of the friendly game.
"What was potentially a historic and monumental event turned into a nightmare for everyone concerned," Prince said. "Dennis Rodman came back from North Korea in pretty rough shape emotionally. The pressure that was put on him to be a combination 'super human' political figure and 'fixer' got the better of him.
"He is embarrassed, saddened and remorseful for the anger and hurt his words have caused."
Rodman won five NBA championships with the Detroit Pistons and Chicago Bulls and was one of the NBA's fiercest rebounders and most colorful personalities. Detroit selected Rodman in the second round of the 1986 draft out of Southeastern Oklahoma. The native of Trenton, N.J., also played for Chicago, San Antonio, the Los Angeles Lakers and Dallas. He was enshrined in the Naismith Memorial Hall of Fame in of 2011.
He stamped his name on "Dennis Rodman — The original Bad Ass Premium Vodka," late last year. It was in the works before his relations with North Korea, but has taken off since.
Rodman, known as much for his piercings, tattoos and bad behavior as he was for basketball, was the highest-profile American to meet Kim since Kim inherited power from father Kim Jong Il in 2011. He traveled to the secretive state for the first time last February with the Harlem Globetrotters for an HBO series produced by New York-based VICE television.
But the 52-year-old Rodman has been denounced for not trying to use his influence with Kim to secure the release of Kenneth Bae, an American missionary with health problems who is being held in North Korea on charges of "anti-state" crimes.
He organized a group of retired NBA players to travel to North Korea for that exhibition game. Rodman dedicated the contest to his "best friend" Kim, who along with his wife and other senior officials and their wives watched from a special seating area. The capacity crowd of about 14,000 at the Pyongyang Indoor Stadium clapped loudly as Rodman sang a verse from the song.
Rodman had an angry meltdown before the game on CNN, defending his decision to travel to North Korea.
"People forget Dennis is just an entertainer and retired NBA star," Prince said. "The fact remains that a basketball game was played in North Korea live in front of 14,000 people and hundreds of millions around the world viewed clips of the game."
OLD TIMES' SAKE
NBA history on Saturday: David Stern issues what might be his last fine against Mark Cuban for criticizing officials.
We say might, because Stern still has about two weeks to go before he officially retires as commissioner.
Stern hit Cuban with a $100,000 penalty three days after the Mavericks owner yelled at the refs at the end of Dallas' game against the Clippers, and two days after Cuban was quoted as saying he wanted Stern to fine him one final time.
"Just got word that I got fined 100k for speaking my mind to the officials after our game with the clippers. #moretocome" — Mark Cuban (@mcuban)
"I couldnt let the commish go without a proper farewell. Its been a fun 14 years of trying to create change and donating to the donut fund !" — Mark Cuban (@mcuban)
Stern called it a "muffin fund" this week, but whatever.
"Repeat offender" doesn't do Cuban's fine history justice. He has donated to that fund about two dozen times during his time owning the Mavs.
Contributors: Ray Slover, Tom Gatto, The Associated Press
