Bulls Coach Expected to Sign New Contract After Knicks Rumors

"According to a source on Wednesday morning, the Bulls were close to finalizing a contract extension for Billy Donovan and had been in discussions with the head coach since the season ended. Why the hold up? The source speculated that it was always going to happen, but Karnisovas and general manager Marc Eversley needed to be extended first and that has now likely happened," Cowley wrote.

Donovan was reportedly involved in the New York Knicks' coaching search after they fired Tom Thibodeau, but the Bulls denied their permission to speak to the veteran coach.

Cowley reports, however, that Donovan's contract extension is not related to New York's interest.

"What was stressed is that the escalation of the deal getting done had nothing to do with the Knicks asking for permission to speak to Donovan about their coaching vacancy after they parted ways with Tom Thibodeau," Cowley wrote. "Multiple sources indicated that Donovan had no interest in leaving the Bulls, especially for the Knicks position under the current regime, and told his bosses that when New York came calling."

Of course, the Bulls want to see Donovan have more success in Chicago, but Donovan has proven he is a winning coach through his time with the Oklahoma City Thunder and at the collegiate level.