The Chicago Bulls remain at a standstill with restricted free agent Josh Giddey, though the two sides could be nearing a new deal.

Chicago reportedly offered the Australian point guard a four-year, $80 million contract earlier this summer. However, Giddey is seeking a deal in the range of $30 million. While a deal hasn’t been finalized yet, the team seems likely to find common ground with Giddey, who is expected to become a long-term fixture of the team’s ongoing rebuild.

The Bulls hold plenty of leverage, as few teams have the cap space to offer Giddey a lucrative salary. Still, it wouldn’t be surprising to see a resolution materialize soon.

Josh Giddey, Bulls likely to find ‘common ground’ on long-term deal

While nothing is set in stone, the Bulls want Giddey to remain in Chicago on a long-term deal. He could still accept his qualifying offer and play out the remaining year of his contract, though it seems more probable a deal gets done before training camp, according to Brett Siegel of ClutchPoints.

“All indications from Chicago this summer are that the Bulls and Josh Giddey will find common ground on a new, long-term contract that keeps him as one of the building blocks of the franchise,” he wrote.

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After spending the first three years of his career with the Oklahoma City Thunder, the 22-year-old requested a trade while facing a reduced role. In his first season with Chicago, Giddey averaged 14.6 points, 8.1 rebounds, 7.2 assists and 1.2 steals across 30.2 minutes per game in 70 regular-season appearances.

The former No. 6 overall pick appears to be a significant part of the Bulls’ long-term plans alongside Matas Buzelis. Letting Giddey accept his qualifying offer and enter unrestricted free agency next offseason could prove to be a costly mistake, especially with Coby White also on an expiring contract.

Giddey displayed improvement in the 2024-25 campaign, shooting a career-best 37.8 percent from three-point range. If he can continue to develop, his ability to stuff the stat sheet will be pivotal for the future success of Bulls basketball.