- Associated Press - Thursday, July 9, 2015

CHICAGO (AP) - The Chicago Bulls are set to announce a maximum contract for All-Star guard Jimmy Butler.

The team has scheduled a news conference for Thursday, the first day deals can be announced.

A person familiar with the situation said last week Butler agreed to a maximum five-year contract worth about $90 million. The total value came out to $95.5 million after the salary-cap figure for next season was tabulated. Butler can opt out after four years.

The deal comes on the heels of a breakout season in which Butler made his first All-Star team and was selected the NBA’s Most Improved Player. He and the Bulls were unable to agree to a contract extension last fall.

Butler turned down a four-year, $44 million offer from the Bulls before last season. He said at the time he was betting on himself and he went on to hit the jackpot.

Butler emerged as one of the NBA’s best two-way shooting guards, averaging career highs in points (20.0), rebounds (5.8), field-goal percentage (46.2), 3-point percentage (37.8) and minutes (38.7).

Chicago also has a three-year, $14 million agreement in place with Mike Dunleavy Jr.

The Bulls are hoping that with their roster returning virtually intact, they can make a run at a championship after a difficult season ended with 50 wins and a six-game loss to Cleveland in the Eastern Conference semifinals. The Bulls fired coach Tom Thibodeau and replaced him with Fred Hoiberg.

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