Atlanta has reportedly offered Ferry the position and is working to get a deal in place.
Here are the details from Woj:
No deal was complete on Sunday afternoon, but there was progress toward an eventual agreement, sources said.
A front-office executive with the San Antonio Spurs, Ferry has also had extensive talks with the Philadelphia 76ers on their GM position, but his focus has strongly swung to the Atlanta job. Ferry traveled to Philadelphia to meet with Sixers ownership two weeks ago and continued talks with the organization.
Ferry would replace Hawks GM Rick Sund, who had been leaning toward retirement or taking on an advisory role with his contract expiring after Thursday's NBA draft.
Ferry held the general manager position in Cleveland from 2005-2010, where he was the architect of the Cavaliers team that made the NBA Finals in 2007. But he ultimately failed to build a foundation that could keep LeBron James in Cleveland.
In Atlanta, Ferry would be tasked with figuring out how to push the Hawks past being a perennial first- or second-round playoff exit.