The Bulls and Luol Deng have continued to discuss a possible new deal for the veteran forward, according to Adrian Wojnarowski of Yahoo! Sports. Wojnarowski reports that GM Gar Forman met with Deng's reps in Chicago earlier this week to talk about the parameters of a potential extension.
Wojnarowski had previously reported that Deng and the Bulls were exploring a long-term deal, though agent Herb Rudoy denied that there had been any discussions between the two sides. At that time, I noted that since Deng wasn't the sort of player who would land a max deal when he hits the open market, it could make sense for him to consider extending his contract now.
According to Wojnarowski, several league executives believe Deng's value may fall somewhere in between Andre Iguodala's four-year deal for $48MM and Josh Smith's four-year, $56MM pact. Deng is only eligible to add three new seasons to the last season of his current contract. Since he's making $14,275,000 this year, an extension in between Iguodala's and Smith's total would mean adding three more years worth about $12-13MM annually.
The two sides could potentially come to terms at any point before next summer, so there should be no real rush on anyone's part to come to an agreement soon.