The coach and his staff will receive contract extensions, according to ESPN's Adrian Wojnarowski.
The Nets sit at 39-39, good for seventh in the NBA's Eastern Conference, and with four games left to play, remain just a half game out of the sixth spot occupied by the Detroit Pistons.
Atkinson and his coaching staff have helped the Nets improve since he took over the team before the 2016-17 season.
The team won 20 games in his first year as coach, and since then improved to 28 wins and now 39 victories this season.
The Nets players seem to fully support the move to keep Atkinson and his staff in charge. Tuesday forward DeMarre Carroll tweeted, "One of the hardest working Coaches in the business ... Dude watches film at least 20 hours a day."
"I'd love for Kenny to be coach of the year," Budenholzer told Newsday.
"I think he's very deserving with what he's done here in three years, the culture and the way they compete, the way they play both ends of the court. I just think he's incredibly deserving."