Yahoo! Sports' Adrian Wojnarowski reports that Karl will sign a four-year, $14 million deal. According to the report, the deal includes a $1.5 million buyout provision on the $5 million owed Karl in the final year of the contract.
He will make $1.25 million to coach for the remainder of this season. Karl will make $3.25 million next season and $5 million in each of the final two years of his contract.
Various reports over the last week reported that Karl was set to take the reigns of the team. Over the weekend, it was reported that a potential deal had stalled because All-Star forward DeMarcus Cousins and his representatives didn't approve of Karl.
Corbin coached Wednesday's game against the Milwaukee Bucks, a 111-103 loss, Sacramento's fifth defeat in its last six games. Corbin had been the Kings' coach since the team fired Mike Malone in December following an 11-13 start to the season.
General manager Pete D'Alessandro said Corbin will work as an advisor to the front office.
“I have the utmost respect for Tyrone as a coach and person,” said D’Alessandro. “He’s a man of great integrity, a consummate professional that managed a difficult situation with class and professionalism. I look forward to continuing to work with Tyrone moving forward.”
Karl, 63, most recently coached the Denver Nuggets for eight seasons before he was fired in 2013. He is No. 6 on the league's all-time victory list with 1,131 wins and has 25 years of head coaching experience with the Nuggets, Bucks, SuperSonics, Warriors and Cavaliers.
Sacramento is 18-34 on the season and has won just seven of 28 games since firing Malone.
The Kings' first game after the All-Star break will be Feb. 20 against the Boston Celtics in Sacramento.
- Paul Palladino and Scooby Axson