The New York Knicks have an agreement in place with Derek Fisher to become the team's next coach, according to multiple outlets, including ESPNNewYork.com.

The two sides are in the process of finalizing a five-year, $25 million deal, according to Yahoo! Sports.

The Knicks have scheduled a news conference at 11:30 a.m. ET Tuesday to "make a major announcement." After the news conference, Jackson will fly overseas Tuesday night for his son's wedding, while Fisher is expected to attend Game 4 of the Stanley Cup finals at Madison Square Garden Wednesday night.

Asked in a group of three reporters about hiring Fisher in the bowels of Madison Square Garden following the Rangers' Stanley Cup finals game Monday night, Jackson said "Go Fish."

Fisher, who earned $4.73 million combined over the last three seasons and made $5 million just four times in his 18 seasons as a player, spent the past week deciding on his future after the Oklahoma City Thunder were knocked out of the playoffs. The Los Angeles Lakers at one point had interest in hiring Fisher for their coaching vacancy. Fisher also was mulling a return to the court or a transition to the front office, but ultimately decided to join Knicks president Phil Jackson in New York.

Fisher's relationship with Jackson is believed to be one of the factors that led him to choosing the Knicks. Fisher won five titles while playing for Jackson in Los Angeles. A source close to Jackson said he was "ecstatic" about landing Fisher.

The two have remained close since Fisher's playing days. Fisher and Jackson spoke briefly over the phone last week.

Fisher, 39, earlier this month spoke about his desire to coach in the NBA.

"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 after the Thunder were eliminated from the playoffs. "Coaching allows for you to positively impact other people's lives."