MINNEAPOLIS -- The Minnesota Timberwolves have come to an agreement with Tom Thibodeau to become the team's new head coach and president of basketball operations.

Thibodeau coached the Chicago Bulls from 2010-2015, reaching the playoffs all five seasons with a total record of 255-139.

The hiring is something of a homecoming for the 58-year-old, who was an assistant coach for the Wolves under Bill Musselman from the team's inaugural year of 1989 to 1992.

Former head coach Sam Mitchell was relieved from his duties earlier this month after a 29-53 finish in the 2015-2016 season.

Reports say the agreement is for five years at around $10 million.

The team also announced the hiring of Scott Layden as general manager. Layden was general manager for the New York Knicks during the early 2000s before serving as assistant GM of the San Antonio Spurs for the last four seasons.