The team announced Wednesday that it is looking at a number of locations throughout the city to hold practices.
Previously, the Bulls have held their workouts at the Berto Center in Deerfield since 1992.
Bulls officials say the team isn't sure exactly when the move will happen, but they say the project will be privately funded.
The team says Chicago Mayor Rahm Emanuel pitched the idea of a move to Bulls Chairman Jerry Reinsdorf. In the statement, Reinsdorf says Emanuel stressed how important the Bulls are to the city.
The Bulls exec adds that Emanuel's timing was good because the team had been thinking about ways to address the growth limitations of its current facility for a while.
The Bulls play their games at the United Center on Chicago's West Side.
(The Associated Press contributed to this report.)