Reports: Bulls, Fred Hoiberg Working On A 5-Year Deal

(CBS) The Bulls and Fred Hoiberg are in the final stages of discussions on a five-year contract to make him the 19th head coach in franchise history, according to multiple reports.

The New York Daily News and Chicago Tribune both reported that Hoiberg's deal will be for five years. It's also believed to be for around $25 million, the Daily News reported.

The deal is expected to become official by Wednesday at the latest, barring a unforseen snag in the final negotiations. The league doesn't want teams making major announcements during the NBA Finals, which start Thursday between the Warriors and Cavaliers.

The Bulls fired Tom Thibodeau last Thursday after he led the franchise for five seasons.

Hoiberg, 42, had long been considered the front-runner for the Chicago job. He has ties to Bulls manager Gar Forman -- who was an Iowa State assistant when Hoiberg was a senior there in 1994-'95 -- and others in the organization.

Hoiberg has spent the past five years leading alma mater Iowa State, where he's compiled a 115-56 overall mark (.673) and led the Cyclones to Big 12 Tournament titles in the past two seasons.