Butler will enter restricted free agency after reportedly turning down a four-year, $40 million offer from the Bulls in October.
Chicago is expected to offer Butler a five-year, max-level extension on July 1. With the NBA salary cap set to rise greatly with the 2016–17 season, Butler is not looking to lock himself into a long-term deal this summer, according to the report.
As a restricted free agent, Butler will be able to sign an offer sheet with any team, but Chicago has the right of first refusal and can match any offer.
Butler, 25, had a breakout season in 2014–15. He averaged 20 points, 5.8 rebounds and 3.3 assists was named the NBA's Most Improved Player.
- Molly Geary