Derrick Rose, Chicago Bulls Agree to 5-Year, $94 Million Extension

Chicago Bulls star Derrick Rose, considered by many to be the NBA’s best point guard, has agreed to a five-year contract extension worth approximately $94 million, a source told ESPN.

As our own Scott English reported previously, both Rose and Bulls GM Gar Forman expressed optimism that a contract extension would be reached soon, and according to SLAM magazine, the news of the newly inked deal will be officially announced today during a scheduled press conference.

“Obviously, we want Derrick to be a Chicago Bull for a long, long time,” Forman told reporters during Sunday’s media day at the Berto Center (the team’s practice facility). “To us, obviously, it’s very important that we put the right pieces around Derrick that he’s able to have success, that we have success, and that he remains a Chicago Bull. So we’re talking to his representatives now and hopefully we’ll be able to get something done here in a pretty short amount of time.”

Rose, a former Rookie of the Year and reigning league MVP, added:

“If it was up to me, yes, I would sign quick. But I know I’m not worried about that right now. I know that when the time comes, I know that I’ll sign.”

Per ESPN’s report, Rose’s extension will start in 2012-2013 season.

Last year Derrick – averaging 25 points and 7.7 assists per contest – led the Bulls to their best season since the championship era with Jordan and Scottie Pippen.

Check out the following clip from ESPN on Derrick Rose’s contract extension: