Chicago initially asked to be considered when the MVC opened up for offers for a 5 year contract after the current contract with St. Louis expires.
However, when the deadline for official offers came and went, Chicago opted not to make a bid.
I have read that the Big Ten was not pleased to hear that Chicago was interested in hosting the MVC tournament, and Chicago may have been at risk of not getting the Big Ten tournament back in the future. Hence the lack of an offer for the MVC.