After weeks of ongoing speculation, the Chicago Bulls are expected to announce the hiring of Fred Hoiberg as head coach on Tuesday.
Sources close to the situation told Channel 13 News that Hoiberg has agreed to a five-year deal in principle with the Bulls and will be in Chicago on Monday. The hiring should be formally announced on Tuesday with a press conference.
Source: Hoiberg to Bulls 5-year deal agreed in principle. Money/paperwork not finalized. Fred to Chicago Monday. Press conference Tuesday.
— Keith Murphy (@MurphyKeith) May 31, 2015
The Bulls are planning to have the press conference on Tuesday so they can make the announcement prior to the start of the Stanley Cup Finals on Wednesday, as well as before the NBA Finals tip-off on Thursday.
Chicago dismissed head coach Tom Thibodeau on Thursday with two years and $9 million left on his contract. The firing brought an end to a toxic relationship between Thibodeau and Bulls management, which was an organizational issue for years.
Hoiberg has been the team's top choice to ultimately replace Thibodeau for months. The head coach already has a strong relationship with the organization, specifically Bulls General Manager Gar Forman.
Hoiberg's Iowa State contract buyout is $500,000 if a deal with the Bulls is completed.