The Brooklyn Nets are close to finalizing a multiyear deal with Lionel Hollins as their next head coach, reported Wednesday.

Sources told that the agreement will pay Hollins an annual salary in excess of $4 million.

Hollins led the Memphis Grizzlies to three consecutive playoff appearances in his last three seasons with the team. In 2012-13, his last year at the helm, the Grizzlies won 56 games and advanced to the Western Conference finals.

Hollins would take over for Jason Kidd, who left the team to take over the Milwaukee Bucks earlier this week.

During a Tuesday news conference, Nets general manager Billy King said he had dinner with Hollins on Monday night and was meeting with Hollins again on Tuesday. King thanked Kidd for his one year of service as coach and praised Hollins during the news conference.

Kidd went over King's head in a failed attempt to seize control of the Nets' basketball operations during the regular season.

Hollins reportedly was a candidate to coach the Nets after Kidd's first year at the helm got off to a bad start.

King, during an appearance Wednesday on ESPN's "Mike & Mike," said experience would be key when making the team's next head coaching hire.

"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."