The news conference will be held in Durham, N.C., where Krzyzewski has recorded 884 of his 957 wins as a collegiate coach -- most in the history of NCAA Division I basketball.
Krzyzewski coached the American men's team to gold medals at the 2008 and 2012 Olympics, then said he was stepping down from the high-pressure position.
He has apparently changed his mind and, multiple news outlets report, has decided to guide the team that will attempt to capture another Olympic title in Rio de Janeiro in 2016.
The U.S. team is unbeaten in 16 games at the Olympics under Krzyzewski and defeated Spain in the gold medal finals at both Beijing and London.
Spain was within three points in the fourth quarter of the Beijing finals before the Americans pulled out a 118-107 win. In London, the Americans took a one-point lead into the final period en route to a 107-100 victory in which Kevin Durant scored 30 points.
Toddler uninjured after being knocked over by Obama family dog
Ron Burgundy interviews Peyton Manning on SportsCenter