A person familiar with the situation says the Chicago Bulls were closing in on a contract with first-round draft pick Marquis Teague.

The person spoke Tuesday on the condition of anonymity because a deal had not been announced.

The Chicago Tribune, citing sources, reported Teague will earn his slotted salary of $857,000 next season and is expected to make 120% of the slotted rate in the following years.

A Kentucky product, Teague was taken with the 29th pick and is expected to fill a backup role at point guard. The Bulls signed Kirk Hinrich and Nate Robinson in an effort to get by while Derrick Rose recovers from a major knee injury.

Teague averaged 10.0 points and 4.8 assists to help Kentucky win a national title in his lone season. Older brother Jeff plays for Atlanta.