Jackson To Officially Become Knicks President

It looks to be official. ESPN.com is reporting that Phil Jackson officially signed on with the New York Knicks.

Jackson will assume the role of the team's President.

A source for ESPN.com says the deal is reportedly worth $12 million a year.

The Knicks released a statement on Friday that a "major announcement" would be coming on Tuesday at 11 a.m. at Madison Square Garden.

Jackson has 11 championships as a head coach and 2 rings as a player with the Knicks in the 70's.

Ironically the last time the Knicks won an NBA Championship was while Jackson was still a player.

While this may be the most challenging move of Jackson's storied career, Knicks fans can only hope the "Zen Master" can work his magic in New York.