The Bulls also acquired Troy Brown and Moritz Wagner.
Bulls star Zach LaVine reacted to the trade news on Twitter.
He was joined by teammate Thaddeus Young, who also seemed surprised by the news.
— Thad Young (@yungsmoove21) March 25, 2021
The trade immediately vaults the Bulls into the playoff conversation.
Chicago is currently the No. 10 seed in the Eastern Conference with a 19-24 record.
However, Vucevic gives Chicago a second star that it can pair with LaVine to make a push in the East.
As it is, Chicago is only three games behind the No. 4 seed Charlotte Hornets and could easily make some ground up in the coming weeks.
Vucevic, 30, is averaging 24.5 points and 11.8 rebounds per game this season.