Chicago Bulls could be getting closer to extension with Taj Gibson

The Chicago Bulls and power forward Taj Gibson are reportedly close to agreeing on a contract extension, according to CSN's Aggrey Sam.

If the two sides cannot reach an agreement before Oct 31, Gibson will become a restricted free agent at the end of this season.

Jay Patt of Blog a Bull estimates that $8 million per year would be a fair value. Anything less, he says, would be a steal.

Patt is afraid of a repeat Omer Asik situation, in which a team with cap space --- like the Houston Rockets -- could make a large offer to Gibson in the offseason. K.C. Johnson agrees:

Hearing positive talk about Taj Gibson's extension getting done before 10/31 deadline. #Bulls can't afford another Asik situation unfolding.

— K.C Johnson (@KCJHoop) October 1, 2012

Gibson has been with the Bulls since 2009, when the team selected him in the first round of the NBA draft. In three seasons, the former USC Trojan has averaged 7.9 points and 6.2 rebounds per game.