According to reports, the Chicago Bulls have signed Orlando Magic guard J.J. Redick, a restricted free agent, to a 3-year, $20 million offer sheet. The Magic have seven days to match the offer.

Orlando would like to keep Redick, but a league source says that the offer might be “painful for the Magic to match.”

Redick, 26, was a modern college basketball legend at Duke before being selected 11th overall by the Magic in the 2006 draft. A tremendous three-point shooter, Redick struggled to receive consistent minutes in his first three seasons before earning a solid spot in the Orlando rotation last year. In 2010 he averaged a career-high 9.6 points per game on 40.5% shooting from long distance and showed improvement on the defensive end.