Report: Timberwolves finalizing 5-year deal to make Thibodeau coach, president

The Minnesota Timberwolves are finalizing a five-year deal with Tom Thibodeau that will make him the team's head coach and president of basketball operations, sources told The Vertical's Adrian Wojnarowski.

San Antonio Spurs assistant general manager Scott Layden is reportedly close to becoming the Timberwolves' general manager. Layden also served as the New York Knicks' general manager from 1999-2003.

The duo could cost Minnesota approximately $11 million per year, ESPN's Darren Wolfson reports, with Thibodeau's deal alone costing the Timberwolves $10 million annually, according to ESPN's Marc Stein.

With many teams having interest in hiring Thibodeau as their head coach, the former Chicago Bulls bench boss was reportedly determined to also have full control over an organization. The core of young phenoms Andrew Wiggins and Karl-Anthony Towns quickly attracted him to the Timberwolves.

Thibodeau served as the Bulls' head coach from 2011-15, going 255-139 during his tenure. He sat out the 2015-16 season after he was fired from Chicago last May.

Former Knicks and Houston Rockets head coach Jeff Van Gundy was reportedly also a finalist for the position.