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Report: Mike Malone to coach Kings

(Sports Network) - The Sacramento Kings have reportedly reached an agreement in principle with Mike Malone to be their new head coach.

According to multiple sources, including USA Today and Yahoo! Sports, Malone will receive a three-year contact with a team option for a fourth year. Should Malone complete all four years, the deal would be worth more than $9 million.

A formal announcement of the hiring is expected on Friday.

Malone, 42, was the top assistant to the Warriors' Mark Jackson the past two seasons. He was previously an assistant coach for the Knicks, Hornets and Cavaliers as well.

His father, Brendan Malone, a former head coach for the Raptors and Cavaliers, is expected to be hired as an assistant coach.

With the Kings' recent sale to a group headed by Vivek Ranadive, Keith Smart was informed by the new ownership that he would not return for the 2013-14 season. He will be owed $2.5 million.

The future of general manager Geoff Petrie is also in question.

Smart went 48-93 in two seasons in Sacramento. The Kings finished 13th in the Western Conference with a 28-54 record in 2012-13.

05/30 22:49:09 ET