Thibodeau, 57, has been the Bulls' coach since 2010, but his tenure has frequently included reports of friction between he and the team's front office. Earlier this season, the Chicago Tribune reported the relationship between Thibodeau and team management was "beyond repair."
The Bulls (42–28) are third in the Eastern Conference, 11.5 games behind the Atlanta Hawks.
Hoiberg, 42, has been Iowa State's head coach since 2010. The Cyclones have made the NCAA tournament in all but the first of Hoiberg's seasons, but were bounced in their opening-round game last week against UAB on Thursday.
Hoiberg played 10 NBA seasons as a shooting guard, including four with the Bulls from 1999–2000 to 2002–2003.
- Mike Fiammetta