Photo: Peter Baba

Chicago Bulls star DeMar DeRozan, who became an unrestricted free agent this summer, is expected to receive a lucrative new contract from the team.

The new deal is likely to include a player option, a common practice for the Bulls in recent years.

Darnell Mayberry of The Athletic wrote that the Bulls would be happy to re-sign DeRozan on a two-year deal.

DeRozan’s camp, however, seeks more security in the form of a longer contract. The Bulls have a habit of including player options in contracts, which could be a significant factor in DeRozan’s deal.

The anticipated dollar amount for DeRozan’s new contract is expected to be hefty, likely north of $40 million annually. Despite the high salary, the Bulls are focused on maintaining their long-term flexibility while retaining DeRozan.

The previous contract of the six-time All-Star was for three years, worth $82 million.

DeRozan has been a key player for the Bulls, and the team values his contributions and leadership. This season, DeRozan averaged 24 points, 4.3 rebounds, and 5.3 assists in 37.8 minutes per game.