The New York Knicks have reportedly finalized talks with Derek Fisher, who is expected to become the team's newest coach with a five-year deal of $25 million.

Rumors had recently started to surface that Fisher's former team, the Los Angeles Lakers had been courting him to become their next head coach. However, he has ultimately decided to go with Knicks' newest president Phil Jackson, his former Laker coach with whom he spent a decade earning five champion rings.

The team has scheduled a press conference for 11:30 a.m. Tuesday where a "major announcement" will be made, according to ESPN.

Following the news conference, Jackson will be heading overseas Tuesday night to attend his son's wedding. On Wednesday night Fisher is expected watch game 4 of the Stanley Cup finals in Madison Square Garden as the Rangers hope to fend off the Los Angeles Kings.

Fisher spent the last three seasons playing partially for the Dallas Mavericks before being sent back to the Oklahoma City Thunder. He earned $4.73 million combined for all three seasons and has made $5 million four times during his 18-season career, ESPN reported.

After the Thunder were eliminated in the Western Conference Championship round of the playoffs earlier this month, the 39-year-old expressed his interest in coaching an NBA team.

"In the last maybe decade or so, I've really felt like my purpose in life, my calling so to speak, was to be in a leadership position or some position of impact on other people," Fisher said. "Coaching allows for you to positively impact other people's lives."

Initially Jackson pursued Steve Kerr for the coaching job but he turned the offer down to coach for the Golden State Warriors, which fired Mark Jackson following the team's first round playoff loss to the Los Angeles Clippers earlier last month.

After Kerr went a different route, Jackson waited to speak with Fisher, whom he considered "a person that's on my list of guys that could be very good candidates for this job" because of his great on-court leadership. Jackson, however, was fined $25,000 for the comment, according to ESPN.

Fisher and Jackson have remained close friends since their days in L.A. and insiders close to Jackson said Fisher was "ecstatic" about getting the gig.