Knicks finishing Phil Jackson's deal

— -- Phil Jackson on Friday is expected to finalize an agreement to become president of the  New York Knicks, sources have told ESPN.

Todd Musburger, Jackson's Chicago-based agent, is in Los Angeles to finalize the contract with Jackson and Knicks officials, according to sources. Jackson's contract is expected to pay him $12 million a year, sources said.

The Knicks released a statement Friday afternoon saying a "major announcement" would be made Tuesday at 11 a.m. ET at Madison Square Garden.

ESPN reported earlier this week that the Knicks were expecting to complete a deal with Jackson by week's end.

Jackson, who has won record 11 NBA championships as coach of the Lakers and Bulls and two as a Knicks player, likely will spend significant time in New York but also retain his time in Los Angeles, sources said.

Jackson will take over the running of the Knicks' basketball operations department from president and general manager Steve Mills. A source said earlier this week that Mills will remain an integral part of the organization.

Jackson's discussion with the Knicks has been ongoing for several months, sources said

During that time, the Buss family has had several meetings in which Jackson was discussed, sources said

While there was significant interest in bringing him back to the Lakers in some capacity, it never reached a level where Jackson's representatives were formally contacted, as it was clear to all involved that the Lakers would not offer a role that offered nearly as much power as the Knicks did, sources said

As public pressure on the Buss family mounted this week, their position remained unchanged. No contact was made with Jackson's representatives, sources said.

New York (26-40) has won five straight and is 3½ games behind eighth-place Atlanta for the eighth and final Eastern Conference playoff spot.