MVP Rose Agrees to Five-Year Extension With Bulls, Sources Say

Reigning NBA MVP Derrick Rose and the Chicago Bulls have agreed to a five-year contract extension worth about $94 million, the Chicago Tribune reported, citing sources.

The Bulls planned to make the deal a formality either late Tuesday or on Wednesday.

The deal will see Rose earn about $10 million to $11 million more than he was eligible to receive under the previous collective bargaining agreement because a new rule, which has been nicknamed the "Derrick Rose Rule," allows players to be rewarded for outperforming their rookie contract.

Rose qualifies because he became the youngest league MVP in NBA history last season, at the age of 22.

The extension will begin in the 2012-13 season.