Report: Fred Hoiberg to be unveiled as Chicago Bulls coach

The Chicago Bulls will reportedly unveil Fred Hoiberg as their new head coach later today.

The 42-year-old, who currently coaches the Iowa State Cyclones, has been the favourite to replace Tom Thibodeau since the latter's dismissal last week.

According to The AP, the Bulls will announce Hoiberg as Thibodeau's successor at a press conference today.

Hoiberg's contract is said to be a five-year deal worth around $25m (£16.4m). He currently makes $2.6m (£1.7m) a year with Iowa State.