Two-time NBA championship coach Erik Spoelstra is finalizing a multiyear contract extension with the Miami Heat, league sources told Yahoo Sports.

Spoelstra could've become the most sought free agent to hit the coaching market since Phil Jackson, and likely staved off a bidding war next summer by choosing to re-sign with the only franchise he's ever known.

The deal is expected to be made public before the start of the Heat's training camp in the Bahamas this week, sources said.

While most league owners and executives expected Spoelstra to ultimately remain with Miami, several franchises have intimated to Yahoo Sports they would've been prepared to pursue Spoelstra with the zeal of a star free agent had the Heat been unable to complete a deal to keep him.

Spoelstra has forged a strong relationship with NBA MVP LeBron James, earning the superstar's respect and becoming a vital factor in Heat owner Micky Arison's and president Pat Riley's re-recruitment plan to keep James.

Miami's three stars – James, Dwyane Wade and Chris Bosh – are all expected to opt out of their contracts after this season.

Spoelstra, 42, is 260-134 (.660) in five seasons as Miami's coach, including three straight trips to the NBA Finals and two titles. He's 50-29 (.633) in five trips to the postseason.