The Minnesota Timberwolves are finalizing a five-year deal with Tom Thibodeau to become President of Basketball Operations and head coach with Scott Layden joining as general manager.

Thibodeau was fired by the Chicago Bulls last offseason and has taken the 15-16 season off.

Layden is the assistant general manager of the San Antonio Spurs.

Layden was previously general manager of the New York Knicks from 1999 until 2003 before being replaced by Isiah Thomas.

The Wolves' job is one of the most attractive on the market with the presence of Karl-Anthony Towns and Andrew Wiggins.

Glen Taylor had been eyeing Thibodeau for months and wanted to setup his front office with the head coach in charge.

Marc Stein reports the final structure of the deal is expected to pay Thibodeau approximately $8 million per year with Layden earning more than $2 million.