After a forgettable playoff exit against the Miami Heat in the first round, the New York Knicks have gone back to the drawing board in order to figure out how to turn this team into a perennial NBA title contender with superstar Carmelo Anthony leading the way.

One of the top priorities for the Knicks in the offseason is re-signing point guard Jeremy Lin, figuring out the situation with Amar’e Stoudemire and finding a new head coach. It appears that the Knicks’ front office can cross one of those high priorities off the list as they’re finalizing a new contract with interim coach Mike Woodson to be the new head coach in New York.

There’s been talk over the last month or so about the potential hiring of 11-time NBA champion Phil Jackson. With Jackson being retired for less than a year after stepping down as head coach of the Los Angeles Lakers, the one job that he’d consider taking in order to coach in the NBA once again was with the Knicks.

Reportedly, the Knicks were ready to offer Jackson an enormous contract to become the new head coach in New York. The deal was supposedly worth $50 million over the next four years, but obviously that deal never came to fruition as the Knicks are about to make Woodson the next head coach.

The details of the new contract for Woodson have yet to be released. The Knicks expect to officially make Woodson the new leader on the sidelines in New York in the coming days with the new deal between the two sides most likely being announced by the end of the week.

After the official hiring of Woodson, the attention will most likely be directed to Lin. There’s no guarantee Lin will re-sign with the Knicks, but New York is the current frontrunner.

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