Phil Jackson will sign a deal to become the New York Knicks’ president later today.

Sources have told ESPN that the former Chicago Bulls and Los Angeles Lakers head coach will finalise terms with the New York Knicks this evening - before being revealed to the media at the beginning of next week.

Jackson, who played for the New York Knicks back in his playing days, had been linked with a return to Madison Square Garden for the last few weeks.

The New York Knicks have been unable to conclude a deal for Jackson until today - with the 68-year-old expected to put pen-to-paper on a $12million-a-year deal.

Jackson, who is the most decorated coach in NBA history with 11 championship titles, will replace Steve Mills as the director of basketball operations at the New York Knicks.

The legendary coach, who has not been involved with a NBA team since leaving the Los Angeles Lakers in 2011, will be tasked with helping to transform the New York Knicks into a Championship-winning side.

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