According to ESPN sources, Phil Jackson has now signed on to become president of basketball operations for the New York Knicks. The team is expected to make the announcement this Tuesday.

Jackson reportedly signed a contract for five years, at $12 million annually, in which he would head the Knicks' front office and take control of basketball operations from General Manager Steve Mills. It will mark a first for the 11-time NBA championship winning coach and former two-time championship winning Knicks player, never having held an office management position before.

Still, acquiring Jackson is a major win for the Knicks organization. Despite having the second highest payroll in the league, the Knicks have proven one of most disappointing teams this year. They currently hold a less than satisfying 26-40 record for the season. Even though that only puts them three and a half games out of an eight playoff spot in a mostly abysmal Eastern Conference, its still far from a cause for celebration. And the Knicks production has been so inconsistent that its clear massive changes have to be made in order to bring the team back to title contention.

The Knicks have not won a championship since 1973. The '90s era team failed to secure the trophy with Pat Riley and Patrick Ewing, largely due to Jackson and Jordan's Chicago Bulls. Since then, the Knicks have struggled to return to their former glory. After acquiring free agents Amar'e Stoudemire and Carmelo Anthony, the future looked considerably brighter. Last year, Anthony helped lead the team to 54 wins and the Atlantic Division title. The Knicks managed to make the second round of the playoffs for the first time since 1999, but were knocked off by the Indiana Pacers.

Now, with the Knicks on a five game winning streak, Jackson's arrival could mark a pivotal turn for the team's future. Fans await to see how Jackson will deal with Carmelo Anthony's impending free agency this summer. Even if Anthony does walk, Jackson could be influential in helping lure future free agents such as Kevin Love and Kevin Durant.

Jackson will reportedly also continue to be involved with the Los Angeles Lakers in some fashion. His fiancée, Jeannie Buss, is the executive vice president of basketball operations for the Lakers.