Redick to sign offer sheet with Bulls

Orlando Magic restricted free-agent guard J.J. Redick(notes) is close to signing a three-year offer sheet worth about $19 million with the Chicago Bulls, a league executive told Yahoo! Sports.

Redick could sign the agreement as soon as the weekend.

A source familiar with the offer sheet said a significant portion of the offer is a signing bonus, which makes it more difficult for Orlando to match.

The Bulls signed free-agent guard Kyle Korver(notes) to a three-year, $15 million contract on Friday.

Once the sheet is signed, the Magic will have seven days to match and keep Redick.

Redick became a valuable member of Orlando’s rotation, even supplanting Vince Carter(notes) in key spots in the Eastern Conference finals with the Boston Celtics.

The Magic are believed to be motivated to match an offer on Redick, who averaged 9.6 points.


Follow Yahoo! Sports' NBA coverage on Twitter.
Updated Friday, Jul 9, 2010