Fred Hoiberg watches the game against Iowa on Dec. 12 at Carver-Hawkeye Arena. The Cyclones beat the Hawkeyes 90-75.
The Bulls sent out a press release late Monday night stating a "major announcement" at 2 p.m. Tuesday at the Advocate Center in Chicago. The release didn't mention Hoiberg specifically, but many outlets have reported the deal is done.
The announcement was expected by many leading inside reporters of Chicago and Iowa State after the Bulls' well-chronicled poor relationship with former coach Tom Thibodeau reached an end last week when they formally announced his firing.
News slowly leaked out during the weekend that Hoiberg was negotiating a contract with the Bulls somewhere in the range of five years and $25 million.