Rivers' contract is for the next five seasons, sources told The Athletic's Shams Charania. Former New Orleans Pelicans bench boss Alvin Gentry will potentially join Rivers on the team's coaching staff, Wojnarowski adds.
The 58-year-old watched Game 1 of the NBA Finals with 76ers brass Wednesday night, according to Kron4 News' Jason Dumas. His meeting with Philadelphia's ownership and GM Elton Brand went well, leading to a rapid negotiation process between the two parties, Wojnarowski reports.
Outgoing Houston Rockets head coach Mike D'Antoni was previously in the running for the position, according to Wojnarowski.
The former Los Angeles Clippers boss mutually agreed to part with the team Monday. His seven-season run with the organization came to a close after his team squandered a 3-1 series lead to the Denver Nuggets in the Western Conference semifinals.
Philadelphia parted ways with head coach Brett Brown in August after the Boston Celtics swept the club out of the first round of the playoffs.
Rivers owns a career record of 943-681 across two decades of coaching, with stops in Orlando, Boston, and Los Angeles. He won an NBA championship with the Celtics in 2008.