The Chicago Bulls are in the process of extending the contract of head coach Billy Donovan, sources told NBA insider Marc Stein.

Donovan joined the Bulls in 2020 and signed a four-year deal with the franchise. His contract was extended prior to the 2022-23 season, and his current deal has one year remaining, Stein adds.

The Bulls reportedly denied the New York Knicks' request to speak to Donovan about their coaching vacancy earlier in June, as Chicago values his coaching skills, communication ability, and the way he connects with his players and various members of the organization.

The Bulls have made the playoffs once during Donovan's tenure. They went 46-36 before losing to the Milwaukee Bucks in the playoffs in 2022.

Chicago finished 39-43 for the second straight season and lost to the Miami Heat in the play-in tournament for the third consecutive campaign.