Phil Jackson and the New York Knicks have agreed upon a five-year deal worth $12 million annually for him to run the front office.

The deal, finalized after a lunch meeting on Friday, contains no ownership stake.

Jackson and the Knicks have been engaged in ongoing discussions for several months.

During that time, the Buss family has had several meetings in which Jackson was discussed, sources said.

Mike Woodson is unlikely to be retained as head coach with Jackson disciples such as Steve Kerr, Brian Shaw and Kurt Rambis considered potential candidates.