Jul 31, 2008 - 11:31 AM
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Terms were not disclosed, but multiple media outlets have reported that Deng received a six-year deal worth $71 million.
Deng, who is scheduled to join Great Britain's national team at the end of the week, had said he would not negotiate with the Bulls further without a deal in place by Friday.
"I'm thrilled to be a part of this organization for the long term," he said. "Chicago is where I have always wanted to be. I'm looking forward to getting back on the court with my teammates and helping this team get back to the playoffs."
The 23-year-old Deng turned down a five-year deal worth $57.5 million in October and had considered playing next season under a qualifying offer of $4.5 million in order to test free agency after the 2008-09 campaign.
However, both sides managed to come to terms after Bulls chairman Jerry Reinsdorf took over the bulk of negotiations with Deng earlier this month. General manager John Paxson usually serves as the lead negotiator in contract discussions.
"Signing Luol has always been a priority for this organization, and we have always felt that he was a big part of our future," Paxson said. "We are very happy that Luol will now be with us long term as we continue to grow as an organization."
Deng averaged 17.0 points and 6.3 rebounds last season despite playing with a sore left Achilles tendon, which limited him to just 63 games. The numbers were slightly below his breakout season from 2006-07, when he averaged 18.8 points and 7.1 rebounds while playing in all 82 games.
After reaching the Eastern Conference semifinals in 2007, Chicago was one of the NBA's biggest disappointments last season, going 33-49 to finish fourth in the Central Division.
But the Bulls unexpectedly landed the No. 1 pick in this year's draft and selected point guard Derrick Rose, who led Memphis to the NCAA title game in April.
Deng and Rose, 19, will be key players on a Bulls team that also features Ben Gordon, Kirk Hinrich, Drew Gooden and Tyrus Thomas, the No. 4 overall draft selection in 2006. Chicago has been attempting to trade Hinrich, also a point guard, since drafting Rose in June.
