Hoiberg has been tied to the Chicago Bulls coaching job.
In April, Hoiberg told five-star prospect Cheick Diallo, who committed to Kansas, that he wasn't sure about his future at Iowa State, according to the report.
Hoiberg, who has led the Cyclones to 99 wins and four NCAA tournament appearances over the last four seasons, was linked to the Chicago Bulls coaching job even before the team fired coach Tom Thibodeau on Thursday.
Thibodeau, the 2010-11 NBA Coach of the Year, was dismissed even though he had two years and around $9 million remaining on his contract and led the team to the playoffs each season.
Hoiberg has served as Iowa State's coach since the 2010-11 season. During his NBA career, Hoiberg played for the Bulls for four seasons.
Last season, Iowa State won the Big 12 tournament for the second straight year and earned a No. 3 seed in the NCAA tournament. UAB upset the Cyclones in the round of 64.
The Bulls earned the No. 3 seed in the Eastern Conference this season but lost in six games to the Cleveland Cavaliers in the Eastern Conference semifinals.
- Stanley Kay