The Chicago Tribune said on their website (www.chicagotribune.com) that the Bulls have called a Tuesday morning news conference to announce the decision.
The Chicago Bulls were not immediately available to confirm the report.
In his two seasons at the helm he guided the Bulls to identical 41-41 seasons that included first-round exits in the playoffs.
The Bulls were defeated in five games by the Cleveland Cavaliers this year and in seven by the Boston Celtics last season.
Del Negro's last year in Chicago was marred by an alleged dispute he had with executive vice president of basketball operations John Paxson in March.
(Reporting by Jahmal Corner in Los Angeles; editing by Patrick Johnston)
Receive your weekly recap of all the happenings around the world of sports.