The Los Angeles Lakers say they are close to finalizing a deal with Mike Brown, pictured in 2009, to succeed Phil Jackson as the National Basketball Association team's new head coach. (Xinhua/Reuters Photo)

The Los Angeles Lakers have issued a statement confirming that the team has reached an "agreement" with Mike Brown to serve as the team's next head coach.

"In response to rampant speculation and reports about our head coaching position and Mike Brown, we've met with Mike and are very impressed with him," the team said. "In addition, we have an outline for an agreement in place and hope to sign a contract within the next few days."

Brown, who is currently in Cleveland, will sign the contract later this week. According to league sources, the deal will be for four years and $18.25 million.