Fred Hoiberg working on five-year deal with Bulls, sources say

— -- The Chicago Bulls are negotiating a five-year contract with Iowa State coach Fred Hoiberg to become their next head coach with the expectation the deal will get done by the middle of next week at the latest, multiple league sources told ESPN's Andy Katz and Nick Friedell.

While contract language still is being hammered out, multiple sources said the feeling from many within the Bulls organization is that the deal is all but complete.

The news doesn't come as a surprise given that Hoiberg's name has been mentioned as a successor to Tom Thibodeau for months due to his close friendship with Bulls GM Gar Forman and several other people in the Bulls' front office. Thibodeau was fired on Thursday after five seasons with the Bulls. He had two years and almost $9 million left on his contract.

Hoiberg, 42, spent four of his 10 seasons in the NBA playing for the Bulls. He is respected throughout the league for the success he has had at his alma mater, but his move from Ames to Chicago has been expected for a while now. While it is unclear exactly when a formal press conference would be held to announce Hoiberg as the new coach, the Des Moines Register reported that could come as early as Tuesday.

Multiple text messages to Hoiberg by ESPN.com were not returned. Forman said in a text message to ESPN.com Saturday that he is "not going to respond to rumors or sources."

Hoiberg went through successful aortic valve replacement surgery April 17 at the Mayo Clinic in Rochester, Minn. He initially had the surgery in June of 2005 to correct an enlarged aortic valve.

Hoiberg retired from playing basketball in April, 2006 to take a job in the Minnesota Timberwolves front office.

Nicknamed "the Mayor," Hoiberg's return to Ames in 2010 was celebrated. He coached the Cyclones to the NCAA tournament in four of his five seasons, including the last four consecutively. He reached the Sweet 16 in 2014 and won more than 25 games the past two seasons, winning 115 games in the five seasons. He signed a 10-year deal with the Cyclones in April of 2013.

Hoiberg's personable skills worked well in college and his "NBA style" of coaching by being a players' first coach is expected to aid in his transition to the professional ranks. He also ran Iowa State like an NBA team, taking multiple transfers as if they were free agents each season.

Forman and Bulls executive VP John Paxson stressed that their next head coach had to be a strong communicator, something both men felt Thibodeau struggled with, especially during the end of his tenure. The hope within the Bulls organization is that Hoiberg fits the bill and can also create a more free flowing offensive system -- he ran a an a pro style offense in Ames -- that will get them over the hump in the Eastern Conference playoffs. 

Iowa State athletic director Jamie Pollard had been expecting Hoiberg's departure for months, but remained in limbo waiting to see if the Bulls would fire Thibodeau. Pollard said in a text to ESPN.com last week that the situation was "definitely bizarre.'' Pollard didn't return a text message Saturday to ESPN.com.

Once Hoiberg is out, the Cyclones will consider looking inward at top assistant T.J. Otzelberger, who was with the Cyclones for seven seasons before leaving for a similar position at Washington. He returned this spring to Hoiberg's staff.

Former Iowa State coach and current UTEP coach (and one-time Bulls coach) Tim Floyd as well as current Phoenix Suns coach and Iowa State alumnus Jeff Hornacek are expected to be in the mix for the position, as well. Hornacek has one more season guaranteed with the Suns with the team option on his contract for 2016-17.

Hornacek was quoted in Phoenix after draft workouts Friday by azcentral.com on the potential Iowa State opening, saying "It would be an honor and it'd be fun, to coach your alma mater, but (Suns general manager) Ryan (McDonough) and I came here with a purpose and the purpose is to get the Phoenix Suns back on track. We had a good start the first year and some bumps last year but we're committed to being here and get this thing going.''

Iowa State is expected to be a top 10 team next season after bowing out in the NCAA tournament round of 64 to UAB. The Cyclones return  Georges Niang, Jameel McKay and Monte Morris to a team that should challenge Kansas for the top spot in the Big 12.

ESPN's Marc Stein contributed to this report.