Source: Maple Leafs to hire Mike Babcock as coach

— -- The Toronto Maple Leafs have won the sweepstakes for the offseason's biggest coaching prize, reaching terms with Mike Babcock on Wednesday, a source confirmed to ESPN.com's Pierre LeBrun.

Babcock's contract with the Detroit Red Wings runs through June 30, but the veteran bench boss received permission to seek other offers and has spoken with multiple teams in recent weeks.

On Wednesday afternoon, several of the front-runners were informed they are out of consideration.

Both the Buffalo Sabres and the San Jose Sharks were ruled out, sources told LeBrun. TSN reported earlier Wednesday afternoon that Babcock would not be returning to Detroit, either.

With Babcock leaving Detroit, it is expected that Jeff Blashill, the team's AHL coach in Grand Rapids, will succeed Babcock behind the bench. Blashill has led the Grand Rapids Griffins to the Western Conference finals of the Calder Cup playoffs for the second time in three years.