Lovie Smith has reached an agreement to become the next head coach of the Tampa Bay Buccaneers, sources told ESPN.

The former Chicago Bears coach will replace the ousted Greg Schiano on a four-year deal, according to sources.

There is a fifth-year option for Smith at the team's control, a source said.

Smith met with the Glazer family Tuesday and was offered the job, according to sources. Talks for a contract extended until Wednesday when a deal was reached in the evening.

Terms of the contract weren't known, but sources said Smith is expected to make in excess of $5 million a year.

Smith will bring in former Cal coach Jeff Tedford to be his offensive coordinator, a source confirmed. Smith may also bring in Rod Marinelli as his defensive coordinator, according a league source. Recently fired Minnesota Vikings coach Leslie Frazier had been mentioned as a potential defensive coordinator candidate as well, according to a source.

The Detroit Lions were also interested in Smith, but he preferred the Bucs job. He has previous ties to the organization having served as an assistant under Tony Dungy.

Dungy, now an NFL analyst for NBC, took to Twitter to laud the hire.

Congratulations to the Bucs. I think they made a very good choice in hiring Lovie Smith. Now I'm excited about watching the Bucs next year! — Tony Dungy (@TonyDungy) January 2, 2014

Fox Sports first reported news of Smith's agreement with Tampa Bay.

In addition to Schiano, the Bucs also fired general manager Mark Dominik on Monday. With no general manager, Smith will have control of his coaching staff and a huge voice in personnel.