The Bulls will pick up their option on Tom Thibodeau's contract for the 12-13 NBA season.
The two sides will also begin extension discussions this summer.
"Obviously, we value Tom greatly," GM Gar Forman said. "We value what he brings to the organization and what he brings to the team and think he's one of the finest coaches in the league and we're hopeful he'll be our coach long-term.
Thibodeau said an extension is not foremost on his mind.
"I'm not worried about that," he said. "Those things take care of themselves."