Chicago has 48 hours to inform Sacramento that it will match the sheet and retain LaVine, and plans to meet the deadline before Sunday, sources said.
The offer sheet includes an exhibit that protects the team financially should LaVine suffer a serious injury to his surgically repaired left knee, league sources told ESPN.
LaVine, 23, was a centerpiece of the Bulls' trade with Minnesota for All-Star guard Jimmy Butler in 2016.
Woj: Bulls matching Kings' LaVine offer sheet a 'no brainer'
Adrian Wojnarowski explains what the injury clause means in Zach LaVine's offer sheet from the Bulls and how it protects the team.