The Brooklyn Nets are reportedly on the verge of finalizing a deal with Lionel Hollins as their next head coach starting next season, ESPN reported on Wednesday.

Marc Stein of ESPN reported that Hollins and the Nets have reached a multi-year deal that would pay the 60-year-old coach around $4 million yearly, and an agreement could be finalized as early as Wednesday.

Hollins, who previously coached the Memphis Grizzlies, emerged as the top candidate for the coaching post after former Nets coach Jason Kidd was "traded" to the Milwaukee Bucks on Monday.

Hollins led the Grizzlies to a 56-win year in the 2012-13 season and reached the Western Conference Finals wherein they lost to San Antonio Spurs. His contract was not renewed, though, as the team's ownership group decided to go into a different direction.

Hollins has been on the Nets' radar since last season as their top executives reportedly lured him to become Kidd's top assistant, but he declined as he was looking for another head-coaching job.

After Kidd's departure, the Nets made it no secret that they will pursue Hollins with general manager Billy King saying that they are looking for an experienced coach.

"One, I think we're looking for experience, someone we'll build with for a long time," King said. "Someone who can develop young players, develop veterans and have a tough mindset. But someone also who has the experience who can take us to where we want to go."

King feels that Hollins fits the billing, citing the defensive-minded coach's work in Memphis, which he led to three-straight playoff appearances in his last three years with the franchise.

"If you look at his track record and what he did in Memphis, they consistently got better every year," King said.

Hollins, who has a career 214-201 coaching record, also interviewed for the Los Angeles Lakers coaching vacancy and talked to the Cleveland Cavaliers before the Cavs hired David Blatt.