New York Knicks finalizing five-year deal with head coach Tom Thibodeau

July 26 (UPI) -- The New York Knicks are hiring Tom Thibodeau to be the franchise's next head coach.

League sources told ESPN and Sportsnet New York that New York and Thibodeau are nearing a five-year contract. According to ESPN, Knicks President Leon Rose and CAA Sports agent Spencer Breecker were working Saturday to finalize contractual terms, and a signed agreement is expected soon.

Thibodeau, 62, will join the Knicks after a tumultuous two-plus seasons with the Minnesota Timberwolves. He helped the franchise reach its first playoff berth in 14 years but was later dismissed as team president and coach midway through the 2018-19 campaign after a rocky start, which featured Jimmy Butler's public trade demand.

Before joining the T-Wolves, Thibodeau led the Chicago Bulls to five playoff appearances in five seasons, including a trip to the Eastern Conference finals and an NBA Coach of the Year award in 2011. The Bulls parted ways with Thibodeau in May 2015.

Thibodeau ranks 11th in career winning percentage for coaches with 500 or more games. He has a 352-246 record in eight seasons between the Bulls and Timberwolves.

The Knicks fired former head coach David Fizdale earlier this season. Assistant coach Mike Miller has served as interim head coach for the team this year.