NBA owners voted to keep the Kings in Sacramento two weeks ago and the team was sold to Indian software magnate Vivek Ranadive.
Petrie's contract expires at the end of June and he was informed during meeting last week with Ranadive that the new owner would be bringing in his own people once he assumed control of the Kings. The report says that Ranadive is not expected to retain Kings coach Keith Smart. Smart is 48-93 since taking over the team after Paul Westphal was fired seven games into the 2012 season.
Petrie's tenure with the team began in 1994 and he led the team to eight straight playoff berths and a Western Conference Finals appearance in 2002. The Kings finished this past season 28-54 and have missed the playoffs for seven straight seasons.
More from USA Today:
According to two people with knowledge of the situation, Ranadive has begun the process of finding a replacement for Kings President Geoff Petrie and is considering San Antonio Spurs President R.C. Buford, Golden State Warriors assistant general manager Travis Schlenk, and Memphis Grizzlies general manager Chris Wallace. Former Indiana Pacers general manager David Morway may also receive consideration, and Ranadive’s internal list is not thought to be limited to this group. The people spoke to USA TODAY Sports on the condition of anonymity because of the private nature of the search.