The Chicago Bulls have come to terms with 6-foot-4 wing man Denzel Valentine, who has reportedly agreed to an extension with the team. Reports state that Valentine has signed a one-year deal with the Bulls worth $4.7 million.

This report comes via Shams Charania of The Athletic:

This isn't exactly the big-name signing Bulls fans have been waiting for. Chicago has been through some tough years the past few seasons, and they were due for some substantial news this offseason. They will need to wait a bit more, as the Valentine signing is certainly not the headline-grabbing signing they have been hoping for.

Nevertheless, Valentine's extension is still a step towards the right direction for the Bulls. He was not the most important player on the squad last season, and it does not seem like he's going to get a significant boost in his role for the squad for 2020-21. Nonetheless, the 27-year-old has proven to be a key rotational piece for Chicago.

Last season, Valentine averaged 6.8 points, 2.1 rebounds, and 1.2 assists, while also draining 1.3 triples per game on a 33.6-percent clip. He logged 13.6 minutes per game coming off the Bulls bench.

Something to be excited about for the Bulls is how they used their fourth pick on Patrick Williams on draft night. The versatile small forward will look to bring his defensive ability and athleticism to a Chicago side that could sure use an upgrade on both departments.

Williams saw his stock grow significantly during the draft process. He was far from a lottery pick early on, but has quickly become one of the most highly-touted prospects in his class.