ESPN is reporting that the Bulls and Luol Deng have verbally agreed to a 6 year deal worth over $70 million. Luol Deng was able to get the Bulls to increase their yearly offer after a disappointing but not bad 2007-2008 campaign.

Deng gave the Bulls an August 4th ultimatum for them to agree to a deal. Reports were that the Bulls were offering less than they were last year, but those reports have turned out to be false.

Now the Bulls will be able to focus their full attention on their other restricted free agent, Ben Gordon. Gordon is the highest scoring player from the 2004 draft class and should receive a deal anywhere from $60 million to $70 million.

Also, the rumored Andres Nocioni for Brad Miler trade can go through now. The Bulls now know who their starting small forward will be, so they will be able to make a trade with Nocioni, since they will be able to play both Thabo Sefolosha and Tyrus Thomas at small forward, as well as Demetris Nichols and Larry Hughes. Although it is stated in Bellan’s report that the Bulls will likely not attempt the Miller trade until they also have Ben Gordon signed, likely for cost certainty.

This signing is a great move for the organization, and hopefully they follow it up by swiftly signing Gordon. Gordon also has to be resigned by August 4th in order for him to play for Great Britain.

UPDATE: The deal is worth $71 million and up to $80 million with incentives.