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Phil Jackson reportedly agrees in principle to become Knicks 'president'

Has James Dolan successfully recruited the Hall-of-Famer?

Kevork Djansezian

Phil Jackson has agreed in principle to become the New York Knicks' next "president," Marc Berman of the New York Post reported on Tuesday.

Jackson reportedly gave the Knicks a verbal agreement on Saturday, and now the lawyers are just working on finalizing the details of the contract, reports Berman. The report also states that Knicks general manager Steve Mills will remain on board, but in a revised role. Frank Isola of the New York Daily News reports Jackson could look to bring in a new general manager to help run the team on a day-to-day basis.

It's unclear what type of money Jackson will potentially be making in his new deal, but Isola reports Jackson could be looking at an annual salary in excess of $15 million. Isola also reports that the two sides have had preliminary discussions about a possible ownership stake in the team.

One sticking point in the recent negotiations have revolved around Jackson's living arrangements. The legendary coach lives in California with his fiancée, Lakers president Jeanie Buss, but Berman says Jackson is expected to live in New York during the season.

If the deal is completed and he's successful in bringing Jackson to New York — where he won two titles as a player — the third time will indeed be the charm for Knicks owner James Dolan. Dolan also attempted to bring in the Hall of Famer in 1999 and 2005.

Jackson will face a tough challenge with the Knicks, who have major questions going forward. The biggest involves the future of Carmelo Anthony, who's expected to opt-out of his contract this summer to test free agency. Hiring Jackson could be a good start in an attempt to retain Anthony, but there are never any guarantees.

New York doesn't own a first-round pick in 2014 and aren't in line to have a chance at any stars until 2015 when the contracts of Amar'e Stoudemire, Tyson Chandler and Andrea Bargnani come off the books. The belief is Jackson could help attract star players like Rajon Rondo or Kevin Love, but Anthony may not want to wait around just for a chance to team up with those players.

Knicks head coach Mike Woodson has an even murkier future. Woodson has come under fire all season, and he may be on his way out unless there's a miracle run to the playoffs. Even then, Jackson may want to bring in his own head coach. Jackson himself has said he has no interest in coaching again, so don't expect to see him roaming the sidelines next year attempting to win his 12th championship as a head coach.

Neither Dolan or Jackson have commented on the rumors.