The Knicks released a statement Saturday night saying they had agreed in principle with D'Antoni and that a news conference would be held once the contract had been completed. Sports Illustrated.com reported earlier in the day that D'Antoni's deal would be four years for $24 million US.

D'Antoni, who turned 57 on Thursday, coached the Phoenix Suns for the past five seasons. He led the Suns to three consecutive Pacific Division wins and a 253-136 overall record in the regular season but the team could not make it out of the Western Conference in the playoffs.

Last week, the Suns were eliminated in the playoffs for the second consecutive year by the San Antonio Spurs, but in two fewer games than last year.

In the wake of another disappointing end to the season, Phoenix general manager Steve Kerr allowed D'Antoni, still under contract, to meet with Chicago and New York regarding their coaching vacancies. Bulls general manager John Paxson and owner Jerry Reinsdorf flew to Arizona last week to interview D'Antoni.

The Knicks are trying to rebound after losing seasons and a tumultuous year. Isiah Thomas was relieved of his duties as coach after a 23-59 season. Thomas also testified in a sexual harassment lawsuit, where a jury ruled that former executive Anucha Browne Sanders receive over $11 million US in damages.

Thomas was retained as a special consultant to new Knicks president Donnie Walsh.

D'Antoni had two years remaining on his Phoenix deal. His overall NBA coaching record is 267-172, which includes a 50-game stint with the Denver Nuggets in 1998-99. He was named NBA coach of the year in 2005 after leading the Suns to 33 more wins than the previous season.

With files from the Associated Press

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