Chicago Bulls will hire Fred Hoiberg as coach next week

The Chicago Bulls are negotiating a five-year contract with Iowa State coach Fred Hoiberg to become their next head coach, according to multiple league sources.

Hoiberg will meet with the Bulls on Monday and that the sides are expected to complete a deal, barring a last-second collapse in negotiations.

Hoiberg, 42, spent four of his 10 seasons in the NBA playing for the Bulls. He is respected throughout the league for the success he has had at his alma mater, but his move from Ames to Chicago has been expected for a while.

Hoiberg's deal is believed to be worth a total of $25 million, the New York Daily News reported.