(Update 3:00 p.m. May 30)

Steve Malchow, ISU senior associate athletic director of communications, said on Wednesday that Hoiberg’s new contract will take effect when it is finalized in the next “week or two.” The terms will begin with the 2012-13 season.

The contract is set to replace the one Hoiberg signed in August 2010, which had three years remaining, set to run through April 30, 2015. The new contract will run eight years, through the 2019-20 season.

Two seasons into his coaching career, ISU men’s basketball coach Fred Hoiberg has signed a new contract, the school announced Tuesday.

The 8-year contract is worth an average of $1.5 million annually.

Last season the Cyclones won 23 games on the way to their first NCAA Tournament appearance since 2003. Hoiberg later was named the Big 12 Coach-of-the-Year, a shared honor with Kansas’ Bill Self.

Hoiberg shared his excitement in a tweet.

“I’m really thankful for the longterm commitment on my contract extension,” Hoiberg said. “Excited about the future of our program!”

ISU Athletic Director Jamie Pollard said in a tweet he was excited to have his coaches locked up.

“Excited for our fans and players to sign Coach Hoiberg to a 8 year extension,” Pollard said. “Now have Rhoads, Fennelly and Hoiberg locked up 4 long haul.”

More contract details will be released as they are made available.