Report: Chicago Bulls, Fred Hoiberg Working On Five-Year Deal

The Chicago Bulls are currently negotiating a five-year deal with Iowa State men's basketball coach Fred Hoiberg to become their next head coach, per league sources cited by ESPN's Andy Katz and Nick Friedell.

The two sides are reportedly looking to come to an accord before next week's NBA Finals.

Contract language is still being worked out at the present moment, but several sources have told ESPN that the deal is all but finished.

Hoiberg's has been mentioned as a potential replacement for Tom Thibodeau for months in part because of his close friendship with Bulls GM Gar Forman and several other key members of the team's front office.

Tom Thibodeau was fired on Thursday after five seasons with the team. He had two years and $9 million left on his deal with the team.

Hoiberg, 42, spent four of his 10 NBA seasons playing for the Bulls. He did not respond to texts from ESPN when reached for comment.

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