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.