Updated 11:25 a.m., Feb. 16: The mayor’s office has officially invited media to “a major announcement” with Mayor Mike McGinn and King County Executive Dow Constantine at 2 p.m. Thursday at City Hall.

A news conference is set for Thursday at City Hall to announce details around a potential new NBA arena deal in Seattle, according to reports.

Christopher Hansen, the Seattle-born hedge-fund manager behind the project, is currently in Seattle, King 5 reports — and may be ready to reveal more about the possibility of the NBA returning to Seattle. According to The Seattle Times, Hansen will stay out of the limelight as Mayor Mike McGinn reveals details Thursday of Hansen’s proposal.

But the news conference, which reportedly could take place at 2 p.m., is still not firmly scheduled, the Times reported.

Hansen owns property south of Safeco Field, and has reportedly been developing a plan with the city and the NBA for a year. If Seattle were to get the Kings, the team could play at KeyArena — the Sonics’ old home — on a temporary basis, until a new venue is finished. Before the Sonics even left for Oklahoma City, and became the Thunder, the NBA had declared KeyArena an unsuitable venue.

The Seattle Times, which originally broke the arena story two weeks ago, reported that Hansen met with three Seattle City Council members on Wednesday to discuss the arena deal.

“We’re very close to announcing our offer to the city. That’s why I’m here,” Hansen told the Times on Wednesday.

Hansen is a relatively unknown name in the realm of multimillionaires connected to Seattle. A graduate of Roosevelt High School, he’s not alone in wanting pro basketball back in the Emerald City. A potential site on the Eastside is being eyed by potential investors like Chicago businessman Donald Levin and Microsoft CEO Steve Ballmer.

But Hansen seems like the real deal.

From the Times:

Hansen said he is only reluctantly stepping forward now because of the intense interest in and speculation around his arena proposal, the details of which are still not known. While he acknowledged that an arena can’t be a burden on taxpayers, the package is expected to include a combination of private money and tax revenues spun from the facility. Speaking in self-effacing tones, Hansen talked about his deep Seattle roots, his modest upbringing in Rainier Valley and his desire to help a city where he still closely follows all the professional sports teams. “I still consider this home,” he said.

“I think it’s fair to say that what we have is a serious and committed investor in Chris Hansen, who’s doing his analysis of what it would take to make it work for him,” McGinn told 710 ESPN Seattle radio last week. “And you have a city that — as you can see, we’ve taken it very seriously about what we take to work from our side.

For a tenant, Hansen has his sights set on the Sacramento Kings, whose city is under intense pressure to build a new basketball facility to keep the team. Meanwhile, the Phoenix Coyotes have been floated as a potential NHL team that could move to Seattle.

If Seattle were to get the Kings, the team might play at KeyArena — the Sonics’ old home — on a temporary basis, until the new stadium is finished. Before the Sonics even left for Oklahoma City, and became the Thunder, the NBA had declared KeyArena an unsuitable venue.

“A lot of things have to align for this to work, and I can’t predict whether everything will align or not,” McGinn said last week.

On Thursday, perhaps we’ll see whether the planets are aligning. However, Hansen told the Times that his arena proposal is complex and could fall apart at any time.

“I think we are very close to reaching an agreement with the city and county,” he told the Times, which has an interesting feature on Hansen and the current status of his plan.

Visit seattlepi.com for more Seattle news. Contact Nick Eaton at nickeaton@seattlepi.com or on Twitter as @njeaton.