The two sides have long been rumored to be on the verge of a split. Thibodeau has around $9 million remaining on his contract over the next two years.
In five seasons as Bulls coach, Thibodeau has led the team to the playoffs every year, but Chicago advanced past the second round just once, in 2010-11. The Bulls lost to the Heat in five games that season in the Eastern Conference final.
Check back here for the latest rumors regarding Thibodeau's future in Chicago.
• ESPN's Marc Stein reports the Bulls are seriously considering firing Thibodeau. Stein noted that the Bulls are believed by many to be waiting for New Orleans, Orlando and Denver to fill their coaching vacancies before firing Thibodeau, leaving him without a destination this season.
• Yahoo Sports' Adrian Wojnarowski reported last week that the Bulls wanted compensation for Thibodeau, but that he didn't know if New Orleans or Orlando—two potential landing spots for Thibodeau—would be willing to give up a draft pick. Thibodeau has been tied to both the Pelicans and Magic.
• Thibodeau said after the Bulls were eliminated from the playoffs that he expected to remain in Chicago next season.
• In March, Marc Stein reported that Iowa State head coach Fred Hoiberg is the Bulls' "top choice" if they fire Thibodeau. Hoiberg and the Bulls have continued to be tied to one another amid questions about Thibodeau's future.