CHICAGO -- Chicago Bulls guard Derrick Rose has agreed to a five-year contract extension, a source told ESPN The Magazine's Chris Broussard on Tuesday.
The contract is worth $94.8 million, a source told ESPN The Magazine's Ric Bucher.
The Bulls announced Tuesday night that they are set to make a "major announcement" at a press conference featuring Rose, vice president of basketball operations John Paxson, general manager Gar Forman, and coach Tom Thibodeau at 11 a.m. ET on Wednesday.
Rose wouldn't say anything specific after the Bulls' preseason game Tuesday night.
"It's something big, but I think I want to talk more about it (Wednesday) with my family and everybody being there," Rose said after the Bulls beat Indiana on Tuesday night. "But it's definitely something big."
And, teammates say, it was well-earned.
"We're all very excited for him," Carlos Boozer said. "He deserves it. He puts in a lot of effort. I wish the contract was for 10 years."
The chance to join Rose in the backcourt was a big draw for Richard Hamilton. The veteran shooting guard signed with the Bulls last week after being bought out by the Detroit Pistons, and so far, he likes what he sees.
"He works hard," Hamilton said. "He's young. He's 23 years old and the way he plays on the floor is the way he practices. In order to be great in this league, you just can't turn it on (during) games. He really has a great work ethic."
The Chicago product Rose went from Rookie of the Year to All-Star to MVP in his first three seasons, becoming the youngest player to win that award. About the only thing he doesn't have is a championship ring, and that's what weighs on him as he enters his fourth season -- not the money.
"I think I live a humble life," Rose said. "Of course, I know I'll be able to afford whatever I want, but other than that, there aren't too many things that excite me. Me winning is one of the things. Me being around my family, that's another. Money, that's the last thing I think about."
Rose wasn't worried about signing the deal with his hometown team at the Bulls' media day on Dec. 11.
"If it was up to me, yes, I would sign quick," Rose said. "But I know I'm not worried about that right now. I know that when the time comes, I know that I'll sign."
Forman was confident the Bulls would get something done before the season.
"Derrick is the centerpiece of what we're trying to put together here," Forman said on Dec. 11. "Obviously, we want Derrick to be a Chicago Bull for a long, long time. To us, obviously, it's very important that we put the right pieces around Derrick that he's able to have success, that we have success, and that he remains a Chicago Bull. So we're talking to his representatives now and hopefully we'll be able to get something done here in a pretty short amount of time."
Rose will be making 30 percent of the Bulls' salary cap, thanks to a new rule in the collective bargaining agreement dubbed the "Derrick Rose Rule."
The rule allows a player finishing his rookie contract to make 30 percent of a team's salary cap -- up from 25 percent -- if he's twice been voted an All-Star starter, twice been voted All-NBA or won an MVP award.
Rose said he doesn't feel any pressure at all with a new contract.
"Hell no," Rose said. "No pressure at all, man."
The Bulls came close to winning it all last season, winning a league-high 62 games and advancing all the way to the Eastern Conference finals before losing to the Miami Heat.
Now, they're looking for more.
Rose has repeatedly pointed the finger at himself for the Bulls coming up short against the Heat in the playoffs. He worked on his inside game in the offseason after expanding his shooting range in previous years, but it's hard to imagine him accomplishing much more than he did last season.
Rose delivered one of the best seasons by a point guard. He also joined Michael Jordan as the only Bulls players to win the MVP award.
The South Side product established himself as one of the league's best players, averaging 25 points and 7.7 assists while leading Chicago to its best season since the championship era with Jordan and Scottie Pippen.
For Rose, the contract extension is just another milestone in a rapid rise from the city's rough Englewood neighborhood to a starring role with his hometown team.
He helped Simeon Career Academy become the first Chicago Public League team to win back-to-back state championships, then led Memphis to the NCAA championship game before the Bulls drafted him with the No. 1 pick in 2008 after defying long odds to win the lottery.
"The Bulls are loyal," Rose said. "They've stayed loyal with me, showed that they trusted me by picking me to come here. I just feel blessed, and I'm just happy that I'm here."
Information from ESPNChicago.com's Nick Friedell and The Associated Press contributed to this report.