The two-time All-Star Olympic gold medalist announced on Friday it was his intention to sign an extension with the Bulls.

LaVine will sign the five-year maximum contract that will cost around $215 million, according to an individual who is directly aware of the contract who talked to

The Associated Press on condition of anonymity as the contract is not able to be finalized until next week, as per the league's rules.

In addition, the best free agent was taken off the market, which helped settle the biggest roster dispute that has been hanging over this summer's Bulls in the current summer.

The Athletic first reported the deal that was reached between both the Bulls as well as LaVine.

Bulls executive vice-president of basketball operations Arturas Karnisovas had been consistent in his assertion that the team wanted to sign LaVine instead of losing him as a restricted free agent.

He was determined to preserve an elite group that has helped Chicago get to its first playoffs in the past five seasons.

There are many advantages for LaVine stayingin Chicago, including the obvious financial advantage. 

Chicago was able to provide LaVine the most money any team can provide him this summer.

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