The Brooklyn Nets have named Jason Kidd their new head coach, the team announced Wednesday night.

The hiring was first reported by ESPN's Marc Stein and Ramona Shelburne.

A source said Kidd signed a three-year deal. He will be introduced at a 2 p.m. ET news conference Thursday at Barclays Center.

"This is a tremendous opportunity to be named head coach of the Brooklyn Nets, and it's a role I have been studying for over the course of my playing days," said the 40-year-old Kidd, who retired as a player earlier this month. "Championship teams are built on being prepared, playing unselfishly and being held accountable, and that's how I expect to coach this basketball team. I am truly excited about this next phase of my basketball career."

Kidd's hiring came after the Nets met with Brian Shaw for five hours Wednesday. Sources told ESPN.com that although Shaw had been targeted by the Nets for some time and made a strong presentation during Wednesday's interview, Kidd convinced Nets owner Mikhail Prokhorov and his advisers that he is ready to jump directly into the lead seat on an NBA bench despite the fact that he has no prior coaching experience.