Tim Floyd resigned today from Iowa State and will be hired as head coach of the Chicago Bulls, a source in the Bulls organization said.

The announcement will be made Thursday, the source said, speaking on condition of anonymity.Bulls spokesman Tim Hallam said he could not confirm the information.

Floyd and his family were at the Ames, Iowa, airport this morning and he said he was heading "out of town." He wouldn't comment further.

The hiring of Floyd to succeed Phil Jackson as coach could hasten the retirement of Michael Jordan, who has said he does not want to play for a young college coach like Floyd.

Jordan has made no secret of his dislike for the 44-year-old Floyd, who has no NBA coaching experience and compiled a 243-130 career record with five NCAA tournament appearances. He has been at Iowa State four years and his team went 12-18 last season.

Jordan has ridiculed Floyd by calling him "Pink" - as in the rock group Pink Floyd. Dennis Rodman also has called the possible hiring of Floyd "a joke."

Iowa State spokesman John McCarroll said Floyd's resignation took effect immediately. The school scheduled a 4 p.m. EDT news conference.

WWL-TV in New Orleans had reported that Floyd would join the Bulls' organization within 36 hours. It did not report what position he would take.

Floyd, who coached at the University of New Orleans before joining Iowa State, met with his players to inform them of his decision, WWL-TV said.

Floyd is a good friend of Bulls vice president Jerry Krause.