Report: Bulls and Jimmy Butler at standstill on extension deadline

With Friday's midnight deadline looming, it appears extension talks between the Chicago Bulls and Jimmy Butler are going to come down to the wire.

With the Bulls set to host the Cleveland Cavaliers on Friday as Butler sits, the sides may be left to negotiate through the game to the midnight deadline. The talks are not progressing, according to Brian Windhorst of ESPN, and Sam Amick of USA TODAY Sports reports that Butler's camp is pessimistic about a deal getting finished in time.

Butler is said to be willing to let the situation play out if the Bulls don't move off of a final offer they're said to have made earlier in the week, according to K.C. Johnson of the Chicago Tribune.

If the sides can't come to an agreement, Butler will hit restricted free agency next summer. The Bulls would still have the inside track on keeping him around long-term, something Butler has expressed strong interest in publicly, but there is serious risk in letting the market determine a young player's price.

In 67 games last season, Butler took a step forward, averaging 13.1 points, 4.9 rebounds, 2.6 assists, and 1.9 steals. However, his jump shot abandoned him for long stretches. If the three is falling, he adds immense value in terms of spacing for the Bulls, while standing as one of the league's toughest perimeter defenders.

It's presently unclear what Butler's camp is shooting for in negotiations, or what the Bulls have offered.