According to Pete Thamel of Sports Illustrated, sources close to the situation have confirmed this and expect a formal announcement within the next two days.
UPDATE: Thursday, May 23 at 11:10 a.m. ET by Sam Westmoreland
It's official: Mike Krzyzewski is planning to return to coach Team USA in the 2016 Olympics. Duke University announced the news on their website Thursday morning.
Krzyzewski had this to say about the decision, per Duke's report:
“It is tough to give up something you’ve absolutely loved doing for seven years, the people you’re doing it with, and most importantly, the country you’re doing it for,” said Krzyzewski. “As a result of my ongoing desire to coach, I’ve decided I'd like to continue as head coach of the Men’s National Team especially since USA Basketball wanted me to do so. It just seems like the right thing to do.
“There is no greater honor than to coach your country’s team and to be afforded the unique opportunity to be the National Team coach three times is incredible,” Coach K continued. “I do not take that responsibility lightly. Working with the people at USA Basketball, particularly Jerry Colangelo, has been remarkable. All of those people are still in place and I would have been the only person who wouldn’t have been back. So, we should go forward with that same team since we have done well and hopefully we will continue to do well.”
UPDATE: Wednesday, May 22 at 7:12 p.m. ET by Kyle Vassalo
According to Marc Berman of the New York Post, Mike D'Antoni won't return as an assistant to the US Olympic team:
Former Knicks coach Mike D'Antoni has told Mike Krzyzewski he will not be rejoining his new Olympic staff, according to a league source.
Team USA will announce Krzyzewski's return tomorrow as U.S. Olympic coach but D'Antoni will no longer be part of it.
---End of update---
This is great news for the defending gold medalists, as Team USA has only lost a single game under Coach K’s guidance.
Krzyzewski’s record since being appointed head coach of this prestigious program is an immaculate 62-1 and should only get better over the next few years.
Krzyzewski, 66, took over for Larry Brown after a dismal 2004 Olympics, an event in which an uninterested group of Americans failed to make the finals and settled for a bronze medal.
While Team USA stumbled out the gate at the 2006 FIBA World Championship in Japan, it’s been smooth sailing ever since under Coach K.
The team has yet to lose a single game since and captured the gold at the 2008 Olympics in Beijing, the 2010 World Championship in Turkey and the 2012 London Olympics.
The Hall of Famer will guide the best players the United States has to offer through the 2014 FIBA Basketball World Cup in Madrid and 2016 Rio de Janeiro Olympics, hoping to serve his country by adding two more gold medals to the collection.
Preparations for the upcoming Summer Games are expected to begin, and the first minicamp is slated for July in Las Vegas.
Jim Boeheim, longtime coach of the Syracuse Orange, has indicated (as per Thamel) he will likely return as an assistant, although the rest of the staff around Krzyzewski could change.
While there aren’t any firm commitments yet, players like LeBron James, Dwight Howard and even Kobe Bryant have participated in the past and may return for another run at gold.