5:55pm: Drew's deal will cover four years and is worth $10MM, sources tell ESPN's Chris Broussard.
4:29pm: The Bucks have hired Larry Drew to be their next coach, GM John Hammond tells Adrian Wojnarowski of Yahoo Sports (via Twitter). Drew was one of three finalists for the gig but the Bobcats' hiring of Steve Clifford left it as a two-horse race between Drew and Kelvin Sampson.
In three seasons as the Hawks' head coach, Drew compiled a 128-102 record and took the club to the playoffs all three years, including the conference semifinals in 2010-11. Drew's contract was set to expire on June 30th, but he has long been expected to be replaced as coach. Atlanta recently found their new man in Spurs assistant Mike Budenholzer.
"After a thorough search and interview process, it was clear to us that Larry's track record in Atlanta, along with his experience as an assistant coach and player, make him the right choice to lead our club," Hammond said in a statement. "We look forward to what he will bring this franchise and we welcome him and his family to Milwaukee."
Drew's deal will give him a guaranteed three years with a team option for year four, according to Wojnarowski (Twitter link), as well as Charles F. Gardner of the Milwaukee Journal Sentinel. Before he wound up with the Bucks, there appeared to have been mutual interest between Drew and the Pistons, who are still searching for their next head coach.
Chuck Myron contributed to this post.