Luke Walton is officially the new coach of the Sacramento Kings.

Speculation became reality on Monday when the Kings announced the hiring of the 39-year-old former Los Angeles Lakers coach.

Terms weren't revealed, but multiple media outlets reported Saturday that the sides had reached agreement on a deal that is expected to run through the 2022-23 season.

Walton and the Lakers mutually parted ways on Friday and the Kings quickly pursued him as a replacement for Dave Joerger.

Kings general manager Vlade Divac and Walton had an existing relationship from their time as teammates on the 2004-05 Lakers.

"There's trust that's already between us that would take years to build without having that history together," Walton said at a Sacramento news conference announcing his hiring. "I'm so excited to work side-by-side with him. ..."

"When this opportunity came and he reached out and showed me the type of support and laid out his vision of where he sees this thing going, it was identical to how I saw one, the game, and two, from the outside what this Kings team was about and where they were headed to. It was something I talked to my wife and family about, and we decided this is going to be an awesome chapter in our lives."

Divac said, "My first choice was Luke, and when he was available, (I wanted) to act fast. I know how he views basketball. It's very similar to how I view it. When I realized he was available, it was an easy call for me to reach out. ...

"I think coaching is the toughest job in the NBA. Having somebody who is behind you to work together, be on the same page and share the same philosophy about the game is definitely going to help both of us."

Walton compiled a 98-148 record in three seasons as coach of the Lakers. Los Angeles missed the playoffs in all three seasons.

The Lakers went 37-45 this season in a disappointing first campaign of the LeBron James era.

Walton's status had been tenuous, even before Magic Johnson resigned as president of basketball operations last Tuesday. Lakers owner Jeanie Buss was reportedly ready to OK a departure after previously being fully supportive of Walton.

The Kings went 39-43 this season under Joerger and have an impressive young group led by point guard De'Aaron Fox, shooting guard Buddy Hield and power forward Marvin Bagley III.

Sacramento's record was its best since 2005-06 -- the last time the franchise qualified for the playoffs.

Walton will be the franchise's 10th coach since Rick Adelman left Sacramento in 2006 after eight seasons.

Joerger, who was fired on Thursday, had a 98-148 record in three seasons with the Kings.

Walton, a native of San Diego, played in 564 NBA games (138 starts) over 11 seasons before turning to coaching. He averaged 4.7 points and 2.8 rebounds while playing for the Lakers (2003-12) and Cleveland Cavaliers (2012-13).