Taj Gibson and the Chicago Bulls have agreed upon a contract extension of $38 million over four seasons.

"I looked at the numbers and that's a lot of money, especially the security," said Gibson.

Gibson was the 26th overall pick by the Bulls in the 2009 NBA Draft and quickly established himself as one of the best defensive power forwards in the NBA.

The Chicago Bulls have picked up the third-year option on the contract of Jimmy Butler.

Butler was the 30th overall pick in the 2011 NBA Draft.

Derrick Rose will not be on the bench of the Chicago Bulls while he recovers from his ACL surgery.

“Just concentrate on the rehab. He’s taking care of that and the rest of the guys are taking care of being ready to play,” Tom Thibodeau said. “At some point, he’ll rejoin us. He’s doing fine, working hard, coming along.”

Rose may attend home games, but likely will work on his recovery while at the arena.

Rose may also return to his offseason headquarters in Southern California while the Bulls are on their circus road trip.

“It depends on what’s going to serve us best,” Thibodeau added. “He’s usually doing rehab during part of the game, so I want that to be the focus. He may travel some, he may not. If it better serves us to have him here or someplace doing rehab, we’re going to do that.”

The Chicago Bulls have waived guards Ryan Allen and Marko Jaric.

Allen appeared in two preseason games with the Bulls and averaged 0.5 mpg.

Jaric saw action in four preseason games and averaged 0.3 rpg in 3.5 mpg.

Chicago’s roster now stands at 13.

Taj Gibson and the Chicago Bulls are continuing to discuss a contract extension and intensions on both sides are still to get a deal done before the Oct. 31 deadline, agent Mark Bartelstein told RealGM on Monday.

Gibson is vying for a new long-term deal ahead of the deadline for fourth-year players, and many around the league believe he will likely command $8-10 million annually.

While nothing is set in stone, positive vibes have surrounded talks between the two parties. Even so, Gibson’s camp is prepared for whatever outcome is reached in negotiations.

“Taj is just focusing on playing basketball,” Bartelstein said by phone. “If something gets done, that’s great. If not, then we’ll deal with that."

Playing for Tom Thibodeau is more difficult than most other NBA coaches, but the Chicago Bulls have bought into his system.

Convincing newcomers to also do so sometimes requires extra work.

‘‘We’ve seen our success through his system, through his practice schedule, through his days off, through his regimen,’’ Carlos Boozer said. ‘‘And we’ve had success the last two years, so we trust it because we’ve reaped the benefits of that success.

‘‘We tell the new guys that are coming in as rookies or the vets that have been around — some of them are coming from losing programs, to be quite frank; this is their first time to be on a winning team — we just tell them, ‘Keep working and be focused. It will help in the long run.’

‘‘The thing that Tom talked to us about almost every training camp is begin with the end in mind. Our end goal is to put a banner up, so the work we do now will benefit if we put everything into it.’’

Luol Deng finally received minutes with the Chicago Bulls' second unit in preseason.

Deng typically has played heavily with the Bulls' so-called 'Bench Mob'.

Nazr Mohammed, Marco Belinelli, Nate Robinson and Taj Gibson will largely play with Deng.

The Chicago Bulls have waived center Kyrylo Fesenko.

In his lone appearance of the preseason with the Bulls, Fesenko (7-1, 280) grabbed one rebound in four minutes of action against Cleveland on Oct. 12.

The Chicago Bulls allowed Omer Asik to sign with the Houston Rockets last offseason, which increased the odds of the team signing Taj Gibson to an extension.

Sources say the most likely outcome for the Bulls will be to sign Gibson to an extension and eventually using the amnesty clause on Carlos Boozer in the future.

Gibson is already 27, as he entered the NBA at a relatively old age.

The Chicago Bulls have waived guard Andre Emmett.

Emmett, a third-year player from Texas Tech University, appeared in two of the Bulls’ first three preseason games, averaging 1.5 points and 1.5 rebounds in 3.8 minutes per game.