The Chicago Bulls have exercised the third-year option on Lauri Markkanen, and fourth-year options on guards Kris Dunn and Denzel Valentine. By exercising their options, all players will be under contract with the Bulls for the 2019-20 season.

Markkanen came to the Bulls in a Draft-night trade with the Minnesota Timberwolves on June 22, 2017, in which his rights were acquired, along with Kris Dunn and Zach LaVine, in exchange for Jimmy Butler and the rights to the 16th selection in the 2017 NBA Draft. Markkanen was selected to the All-Rookie First Team last season after playing in 68 games (68 starts) and averaging 15.2 points, 7.5 rebounds and 1.2 assists in 29.7 minutes per game. 

The Bulls acquired Dunn in the Draft-night trade with the Minnesota Timberwolves on June 22, 2017. Last season, he played in 52 games (43 starts) and averaged 13.4 points, 4.3 rebounds, 6.0 assists and 2.00 steals in 29.3 minutes per game. His career averages are 7.6 points, 3.0 rebounds, 3.9 assists and 1.39 steals over 131 games. 

Valentine was selected 14th overall by Chicago in the 2016 NBA Draft. He played in a team-high 77 games in 2017-18 (37 starts), and averaged 10.2 points, 5.1 rebounds and 3.2 assists in 27.2 minutes per game.

Bobby Portis sustained a moderate sprain of the MCL of his right knee during the game vs. the Charlotte Hornets on Oct. 24.

The Bulls estimate Portis will be out for four-to-six weeks.

Kris Dunn will be out four to six weeks with a moderate sprain of his MCL.

Fred Hoiberg said he didn't yet know who would start for Dunn, since he had just learned about the injury.

"It's tough," he said. "We obviously missed Kris in our first two games. Now to have him out of the lineup for an extended period, it's extremely difficult. When you have a guy who is out there and really made strides over the course of last season and the summer he had and the way he played during training camp, it's difficult to miss him."

Dunn is in his third NBA season.

Shaquille Harrison has agreed to a two-year deal with the Chicago Bulls for the minimum.

Harrison will have $250,000 of his contract for 18-19 guaranteed.

Harrison will have $175,000 guaranteed for 19-20 if he's not waived before August 15, 2019.

The Chicago Bulls will waive Omer Asik to create a roster spot for Shaquille Harrison. Asik is dealing with inflammatory arthritis. 

Asik is under salary this season at $11.3 million and has a partial guarantee next season. 

The Bulls acquired Asik as part of the Nikola Mirotic trade.

Bobby Portis and the Chicago Bulls will be unable to reach agreement on a contract extension.

Portis and the Bulls intensified their talks in recent days.

Portis will be a restricted free agent in the 2019 offseason.

The Chicago Bulls have claimed Tyler Ulis off waivers from the Golden State Warriors and will sign him to a two-way contract.

Ulis played for the Phoenix Suns over the first two seasons of his career.

Tex Winter has passed away at the age of 96.

Winter, who published "The Triple-Post Offense'' in 1962, made the leap to the NBA in 1971, serving as head coach of the Houston Rockets for two seasons.

Winter later was an assistant coach with the Chicago Bulls and Los Angeles Lakers and helped both teams use the triangle offense.

Winter was elected to the Naismith Memorial Basketball Hall of Fame in 2011, his eighth time on the final ballot.