The Bulls have scheduled a news conference for 11 a.m. CT Wednesday, making official what has been known for weeks. Thibodeau agreed to a three-year deal earlier this month, but the Bulls and the NBA agreed to wait until after the NBA Finals were over to make the hiring official.
Thibodeau's Celtics lost Game 7 of the NBA Finals to the Los Angeles Lakers on Thursday.
Prior to his stint in Boston, Thibodeau served as an assistant in Minnesota, San Antonio, Philadelphia, New York and Houston.
Thibodeau will replace Vinny Del Negro, who had an 82-82 record in two seasons with the Bulls. Del Negro was fired last month after leading Chicago to 41 wins and the playoffs in both of his seasons.
Thibodeau's deal is worth approximately $6.5 million, with two years guaranteed plus a team option, according to multiple media reports.