The Chicago Bulls and Josh Giddey could make progress on finalizing a new contract sometime after Labor Day weekend, according to Jake Fischer of Bleacher Report.

The Bulls and their 22-year-old point guard have been locked in negotiations dating back to last offseason, when it was suggested that Giddey was in search of a new long-term deal worth $30 million per season. Chicago is aiming closer to $20 million annually, with an offer of four years and $80 million recently being reported.

That’s a large chasm to cross. There are compromises to be found; beyond the obvious middle ground of $25 million a year, the two sides could agree to a deal that features a team or player option in the final season.

A four-year deal worth $100 million, for example, would get Giddey closer to that $30 million mark, but attaching a team option on the fourth season would give Chicago insurance in case the Aussie gets injured or fails to live up to expectations. Conversely, agreeing on that four-year, $80 million contract with a player option would give Giddey the chance to re-enter free agency and land a larger deal when he’s just 25.

But there could be activity on a possible pact coming rather quickly.

Negotiations between Bulls and Josh Giddey could accelerate soon

Near the conclusion of Fischer’s “Josh Giddey update” segment on his Insider Notebook YouTube report, he summed up the saga succinctly: “There is no update for the Josh Giddey update.”

That covers most feelings and opinions on talks to this point. Despite all the hubbub surrounding Giddey’s future in Chicago and how the Bulls value him as their future franchise point guard, not much has changed since the beginning of free agency.

Perhaps that change is finally on its way, according to Fischer:

“We’re going to see if things can change when we get into September. I do think, post-Labor Day, when teams start getting back into their facilities, when players start to report to get early shots up, early workouts before training camp, that’s when a lot of [restricted free agency] stuff should potentially start to move.”

Giddey isn’t the only RFA who’s been left hanging all summer. Jonathan Kuminga’s situation with the Golden State Warriors has been more dramatic than any talks that have gone on in Chicago. Quentin Grimes and the Philadelphia 76ers have yet to reach an agreement, as do Cam Thomas and the Brooklyn Nets.

But no situation has more potential impact than Giddey’s in Chicago. The Aussie will play a significant role in the future of the organization. He’s the engine that drives the Bulls’ identity as a young team that wants to get up and down the floor as quickly and often as possible.

The expectation is that the two sides eventually agree on fresh terms — but that’s been the expectation since the season ended, and everyone is still in a holding pattern. Maybe next week is when the time finally comes.