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Within days of the Chicago Bulls unloading Luol Deng for salary-cap relief and a first-round draft pick, the All-Star forward rejected a three-year, $30 million contact extension, a league source told Yahoo Sports.
Deng, who will be an unrestricted free agent this summer, turned down the deal on Friday, clearing the way for Bulls management to complete a deal with Cleveland for broken-down center Andrew Bynum and a package of draft picks on Monday night.
The Bulls and Deng's representatives had informal talks about an extension over the summer, but Chicago never made a formal offer.
The Bulls were unwilling to pay Deng, 28, market value in the $12 million-to-$13 million-a-year range over four or five seasons. Deng spent nine-plus seasons in Chicago, where he often played hurt. Chicago is committed to re-signing shooting guard Jimmy Butler to a lucrative contract extension this summer, and after the loss of Derrick Rose for the season, the Bulls made a move for the long-term.
Cleveland will undoubtedly try to re-sign Deng this summer and can make the richest offer on the market.