According to multiple media reports, the Chicago Bulls have not made any progress in contract extension negotiations with Josh Jedi. The team will decide in the coming weeks whether to reach an extension with Jedi or allow him to become a free agent after next season.

After the 2024-25 season, Giddy officially becomes a restricted free agent. Both he and the Bulls are interested in a long-term contract, but the two sides have a significant disagreement over salary. After months of negotiations, the Bulls have increased their offer from an initial four-year, $80 million contract to $88 million, but this still falls short of the player's desired annual salary of $30 million.

Due to the lack of salary cap space among other teams, including the Nets, the Bulls currently hold the initiative in negotiations. Giddy can choose to accept the current qualifying offer of $11.1 million and become an unrestricted free agent next year.

The 22-year-old Giedy, who primarily plays point guard, was selected by the Oklahoma City Thunder with the sixth overall pick in the first round of the 2021 NBA Draft. He played three seasons with the Thunder, averaging 13.9 points, 7.3 rebounds, and 5.7 assists per game in 210 regular-season games.

In June 2024, Giddy was traded from the Thunder to the Bulls in a deal involving Alex Caruso. So far, he has played 70 regular season games for the Bulls, averaging 14.6 points, 8.1 rebounds, 7.2 assists and 1.2 steals per game, with a shooting percentage of 46.5% and a three-point shooting percentage of 37.8%.