Fred Hoiberg has been named the next head coach at Nebraska, the school announced Saturday.
Hoiberg will receive a seven-year, $25 million contract, sources told ESPN's Adrian Wojnarowski.
Hoiberg will be introduced at a news conference on Tuesday.
"First, I want to thank Bill Moos, Chancellor Green and President Bounds for the opportunity to lead the Nebraska men's basketball program," Hoiberg said. "I can't express how excited I am to be back on the sidelines and to be coaching at a university that means a lot to my family and me.
"Lincoln is a special place for our family. I was born in Lincoln, my grandfather Jerry Bush was the head coach at Nebraska, my other grandfather was a long-time professor there, and my parents are proud graduates of the University of Nebraska. Nebraska has always felt like a second home."
Nebraska and the former Iowa State and Chicago Bulls coach had been in negotiations for most of the week, after the Cornhuskers initially gauged Hoiberg's interest in February.
Hoiberg, who was born in Lincoln and whose grandfather was the head basketball coach from 1955-1963, was fired by the Chicago Bulls in December after more than three seasons as head coach. He had consistent success during his five seasons as head coach at Iowa State, where he led the Cyclones to four NCAA tournaments, including a trip to the Sweet 16 in 2014.
The 46-year old Hoiberg had been interested in coming back to college and felt Nebraska was the right fit.
"When you look at him, you see an individual who has had success as a player and a coach," said Moos, Nebraska's athletic director. "Fred's background will sell itself on the recruiting trail, and help us bring in the type of student-athletes needed to compete at the highest level. His style of play not only will be appealing to prospective recruits, but will also provide our great fans an entertaining brand of basketball."
Hoiberg replaces Tim Miles, who was fired earlier this week after seven seasons in Lincoln.
St. John's assistant coach Matt Abdelmassih is expected to join Hoiberg's staff at Nebraska, sources told ESPN. Abdelmassih worked under Hoiberg at Iowa State and handled most of the recruiting for the Cyclones.