Iowa native Fred Hoiberg is returning home to coach Iowa State's men's basketball program.
Hoiberg, a Cyclone alum and star player at Ames (Iowa) High School in the early '90s, replaced Greg McDermott. McDermott left to fill the vacancy at Creighton University after Dana Altman was hired by Oregon.
Hoiberg agreed to a five-year contract with a base salary of $800,000.
Iowa State is holding a news conference Wednesday morning to formally introduce Hoiberg.
ABC5 Sports first reported Hoiberg's hiring.
Hoiberg was the Vice President of Basketball Operations with the NBA's Minnesota Timberwolves this season after spending three years as the team's assistant general manager. Hoiberg played 10 seasons in the NBA with three different teams after being drafted by the Pacers in the second round of the 1995 draft, but retired in 2006 due to a heart condition.
McDermott coached at Iowa State for four years after leading Northern Iowa to three straight NCAA tournament appearances.
Hoiberg was one of the most popular players in Iowa State history, scoring nearly 2,000 points from 1991-95 while earning the nickname "The Mayor." He left third in school history in scoring (1,993 points), first in 3-point field goals made (183) and third in steals (207).
He was named Iowa's top high school football and basketball player and won a Iowa state basketball championship in his senior year at Ames.
Iowa State never won more than 15 games under McDermott and has not reached the NCAA tournament since 2005.
Hoiberg will inherit a depleted roster without star Craig Brackins, who declared for the NBA draft. Fellow standout Marquis Gilstrap had his appeal for an extra season of eligibility denied by the NCAA and three others, including starting center Justin Hamilton, have announced plans to transfer.
The Associated Press contributed to this report.