The characterization of the unstable NiII bis(silylamide) Ni{N(SiMe3)2}2 (1), its THF complex Ni{N(SiMe3)2}2(THF) (2), and the stable bis(pyridine) derivative trans‐Ni{N(SiMe3)2}2(py)2 (3), is described. Both 1 and 2 decompose at ca. 25 °C to a tetrameric NiI species, [Ni{N(SiMe3)2}]4 (4), also obtainable from LiN(SiMe3)2 and NiCl2(DME). Experimental and computational data indicate that the instability of 1 is likely due to ease of reduction of NiII to NiI and the stabilization of 4 through dispersion forces.