Report: Jimmy Butler, Bulls agree to 5-year, $95-million deal

Tap here to view theScore's NBA Offseason Tracker, which includes the latest transactions and rumors.

Jimmy Butler is staying put.

Multiple reports confirm that Butler has agreed to a maximum offer with the Chicago Bulls. He will earn $95-million across the next five seasons, reports Adrian Wojnarowski of Yahoo Sports. The deal will include a player option after the fourth year.

Other teams trying to pursue Butler have reportedly given up the chase, Wojnarowski notes, while the All-Star swingman seemed to confirm the news himself via instagram.

At least one notable Bulls fan seemed thrilled by the news:

Signing Butler long term comes as a huge relief for the Bulls. It was always the most likely outcome (Butler is a restricted free agent), but he was said to be looking for flexibility in hopes of cashing in on the league's escalating salary cap.

Butler emerged as a two-way star with the Bulls last season. He was always an elite defender, but he took a step forward on offense. The Marquette product averaged 20 points per game, while morphing into a pick-and-roll attacker with a decent 3-point shot. Butler shot 37.8 percent from deep and managed to bump his free-throw attempts to 7.1 per game.

The 25-year-old had also planned to meet with the Los Angeles Lakers, Boston Celtics, Philadelphia 76ers, and Dallas Mavericks.

Signing Butler to the maximum puts the Bulls well into the tax, but they will still have the mid-level exception. However, the Bulls are in danger of potentially rubbing up against the salary apron, which will make it tremendously difficult to make additional acquisitions.

Along with a reported deal for Mike Dunleavy, the Bulls are poised to bring back their starting five for next season for newly minted head coach Fred Hoiberg.