A lucrative contract extension is reportedly in the works for Hornets' Head Coach Byron Scott, according to the Times-Picayune.

He was named the NBA's Coach of the Year earlier this week.

Scott and team ownership are expected to discuss an extension once the team's playoff run comes to an end.

"We will begin negotiations when the season ends," owner George Shinn said. "We have a tremendous team, and Coach has done a tremendous job. We have to keep everyone intact to keep this going."

Scott does have the option to opt out of his contract with the team this summer.