"NaVorro gave his heart and soul to this team for the last eight years, and for that we are all extremely grateful", Lynch. "We wish him and his family great success".
Bowman made three-straight Pro Bowls with Fangio as his coach from 2011-2013 before a knee injury forced him to miss all of 2014, Fangio's previous year in San Francisco.
Bowman thrice made the Pro Bowl in a 49ers' uniform, and was an All-Pro four times.
Bowman has been one of the most heavily utilized defensive players for the 49ers this season, playing 354 snaps.
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After an 0-5 start to the season, 49ers coach Kyle Shanahan was asked Monday if it would be easy to start taking a look at younger players in an effort to build for the future. The 49ers quickly shot that rumor down.
After missing the entire 2014 season due to injury, Bowman returned to action in 2015 and led the National Football League with 154 total tackles, according to gamebook statistics.
Bowman has been one of the NFL's best inside linebacker for several years and has battled his way back from serious lower extremity injuries to remain effective at 29 years old.
"The 49er was actually still very good against the run in 2015; he led all linebackers in both tackles and stops by a significant margin, but his play fell away in coverage, where he allowed 90.3 percent of passes thrown his way to be caught and a passer rating of 110.9 when targeted".
The issue becomes whether Bowman wants to come to Chicago as opposed to going to play with a Super Bowl contender, and the question of his price tag could also play a role.