(CBS) The Bulls will introduce Fred Hoiberg as the 19th head coach in franchise history on Tuesday afternoon.

The team has called a press conference for a “major announcement” at 2 p.m. Tuesday at the Advocate Center. Multiple outlets have confirmed what’s long been speculated — that Hoiberg will be be the new leader man in Chicago. Hoiberg’s deal is reportedly for five years and believed to be in the $25 million range.

Hoiberg, 42, had long been considered the front-runner for the Chicago job. He has a close relationship with Bulls general manager Gar Forman — who was an Iowa State assistant when Hoiberg was a senior there in 1994-’95 — and others in the organization. He left Ames on a private plane late Monday afternoon to finalize contract details in Chicago later in the evening.

Hoiberg will inherit a roster that had two All-Stars last season in Pau Gasol and Jimmy Butler as well as a resurgent-if-inconsistent Derrick Rose, the 2011 league MVP who has dealt with two serious knee injuries. Hoiberg takes over for Tom Thibodeau, who coached the Bulls through five successful-but-rocky seasons before he and the organization parted ways last Thursday because of philosophical differences and what the team termed as a breakdown in trust. Thibodeau had a lofty .647 winning percentage during his five seasons in Chicago, but the Bulls never found the success their yearned for in the playoffs, being eliminated twice in the first round and twice in the second round under Thibodeau after a trip to the Eastern Conference Finals in his rookie coaching season. During his tenure, the Bulls were riddled with injuries, most notably to star Derrick Rose.

Hoiberg also interviewed with the Magic and Pelicans recently for their open jobs that went to Scott Skiles and Alvin Gentry, respectively.

Hoiberg has spent the past five years leading alma mater Iowa State, where he’s compiled a 115-56 overall mark (.673) and led the Cyclones to Big 12 Tournament titles in the past two seasons. His hire at Iowa State in 2010 was viewed as out of the box by many because he had no prior coaching experience, but Hoiberg proved quickly to be one of college basketball’s brightest minds while instituting a playing style that mirrored that of some of the most successful NBA teams of this era.

Under Hoiberg, the Cyclones played at a quick pace, were drilled in the importance of floor spacing and relied heavily on the 3-pointer. Hoiberg often used big men whose range extended out to the 3-point line, similar to the trend of teams utilizing stretch fours in the NBA.

His system produced remarkable offensive success. Iowa State ranked 28th in offensive efficiency in 2014-’15, 26th in 2013-’14 and 16th in 2012-’13 among the 351 Division-I teams. They were 13th in points per game in 2014-’15, fifth in 2013-’14 and fourth in 2012-’13.

Such an offensive focus sometimes came with a cost on the defensive end. The Cyclones were 110th in defensive efficiency in 2014-’15, 118th in 2013-’14 and 173rd in 2012-’13.

All along in Ames, Hoiberg kept his eyes open for NBA opportunities. For the past several offseasons, he’d found his name in the coaching rumor mill, and it intensified to a fever pitch in recent weeks before he accepted the Bulls job.

Prior to his Iowa State tenure, Hoiberg worked in the Minnesota Timberwolves front office for four seasons.

Hoiberg’s a 10-year NBA veteran who played for the Pacers, Bulls and Timberwolves. He retired in 2006, about a year after he underwent successful heart surgery to correct an enlarged aortic root. More recently, Hoiberg underwent successful open heart surgery in April to replace his aortic valve.