MVP point guard Derrick Rose has agreed to a five-year contract extension with the Chicago Bulls, the National Basketball Association (NBA) team said on Wednesday.

Derrick Rose of the Chicago Bulls goes for a slam dunk during a USO "Hoops for Troops" event at Schofield Army Barracks in Wahiawa, Hawaii, Oct 27, 2011. [Photo/Agencies]

While no financial details were disclosed by the Bulls, local media estimate the deal to be worth $94 million.

"We are thrilled that we have signed Derrick to an extension," Chicago Bulls general manager Gar Forman said in a statement. "On top of being a great player, what has set Derrick apart is his make-up, character, drive and his leadership.

"We look forward to having Derrick in a Bulls uniform for years to come, as he helps lead us in our quest to become a championship team."

Rose became the youngest player to win the league's coveted Most Valuable Player (MVP) award after averaging 25 points per game last season, and helped Chicago reach the Eastern Conference Finals for the first time since 1998.

He also became only the fifth player ever to record more than 2,000 points, 600 assists and 300 rebounds in a single NBA season, emulating Oscar Robertson, John Havlicek, Michael Jordan and LeBron James.

"It is a dream come true to play for the Chicago Bulls, and with this new contract the dream continues." said the 23-year-old Rose, who was named Rookie of the Year in 2009 after being selected by the Bulls as the first pick overall in the draft.

"It is an honor to play in the city that I grew up in, and I am very appreciative of this opportunity with my hometown Bulls.

"I want all of our fans out there to know that I am committed to one goal and that is winning an NBA championship for Chicago."

Chicago Bulls guard Derrick Rose speaks during the news conference at the Berto Center in Chicago, Dec 21, 2011. [Photo/Agencies]