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Hawks general manager Rick Sund says that the team will extend a qualifying offer to Josh Childress.
Childress, a restricted free agent, has played in Greece the last two seasons.
If the forward wants to return to the NBA, he must opt out of his contract with Olympiakos by July 15.
Extending the qualifying offer allows Atlanta to maintain the rights on Childress, giving them the option to perhaps use him in a sign-and-trade.