Hoiberg will sign a five-year deal worth $25 million, according to Yahoo Sports.
Hoiberg will replace Tom Thibodeau, whom the Bulls fired after five seasons last week. Thibodeau still had two years and $9 million remaining on his contract when Chicago cut ties with him.
On Monday, CBS had reported that Hoiberg boarded a private plane heading to Chicago. ESPN's Jeff Goodman reported Hoiberg had already informed several staff members as of Monday afternoon that he was accepting the Bulls job.
In five seasons at Iowa State, Hoiberg’s Cyclones have amassed a 115–56 record and appeared in four NCAA tournaments. Iowa State, a No. 3 seed in the 2015 NCAA tournament, lost to the University of Alabama–Birmingham in the round of 64.
On May 12, Iowa State athletic director Jamie Pollard acknowledged that Hoiberg’s lifelong dream was to coach in the NBA.
Hoiberg retired from the NBA as a player after the 2004–2005 season because of heart issues. Now 42, he underwent open-heart surgery to replace his aortic valve on April 17. Hoiberg played for the Bulls for four seasons from 1999 until 2003.
Over five seasons with Thibodeau at the helm, Chicago compiled a 255–139 record, including a 23–28 playoff record.
“When Tom was hired in 2010, he was right for our team and system at that time, and over the last five years we have had some success with Tom as our head coach,” Chicago Bulls general manager Gar Forman said in a statement.
“But as we looked ahead and evaluated how we as a team and an organization could continue to grow and improve, we believed a change in approach was needed.”
- Will Green, Mike Fiammetta and Chris Johnson