Josh Giddey remains without a new contract as he’s currently a restricted free agent. It’s not clear when he’ll sign a new deal, but the latest rumors suggest he’s likely to head back to the Chicago Bulls. However, he may not receive the $30 million annually that’s been noted by the media in recent weeks.

In the latest episode of “The Fastbreak,” featuring Bulls insider K.C. Johnson, Johnson claims that both the organization and Josh Giddey want to finalize a deal.

Chicago is in no rush, as the franchise holds the upper hand due to Giddey being a restricted free agent. But overall, Johnson claims he has not heard from the rumor mill that the front office plans to pay Giddey $30 million annually.

“The Bulls and Giddey want to get a deal done,” said Bulls insider K.C. Johnson. “I don’t have particular numbers other than to say that Josh Giddey’s $30 million a year price tag that has been well-documented in media and out there since last fall when the rookie contract extension was discussed, has not ever crossed my radar.

“I have never heard the Bulls mention that number. So I would not expect Josh Giddey to sign a $30 million [annual] deal.”

Chicago traded for Josh Giddey in the summer of 2024, giving the team a solid young guard to develop with the rest of the young players on the roster.

In his first year with the Bulls, the 22-year-old guard played 70 games. Putting up starting minutes, Giddey averaged 14.6 points, 8.1 rebounds, and 7.2 assists per game while owning a 46.5% field-goal percentage and going 37.8% from beyond the arc.

As a restricted free agent, if any team offers Josh Giddey a contract, the Bulls will have the opportunity to match it, keeping him in Chicago. Additionally, the front office also has the option to offer the former first-round pick. But with rumors suggesting that the restricted free-agent market is slow, Chicago is seemingly being patient before making a final decision.