The Hornets have begun negotiations with representatives for Celtics assistant coach Tom Thibodeau, according to league sources.

New Orleans general manager Jeff Bower has exchanged proposals with Creative Artists Agency, which represents Thibodeau, on parameters of a possible contract.

Despite the seriousness of the talks, Thibodeau still plans to meet with the Nets about their vacant coaching job before the start of the NBA Finals on Thursday.

He is also believed to be interested in coaching the Bulls.

Tom Thibodeau is waiting for an offer from the Hornets but sources tell Yahoo! Sports that he is eager to meet with the Bulls and Nets.

Thibodeau's top choice is the Bulls' head coaching position.

The Hornets made a formal offer to Celtics assistant Tom Thibodeau to fill their head coaching vacancy on Tuesday, sources told ESPN.com's Marc Stein.

It is not known how soon the Boston assistant will make a decision. The Celtics will play Game 5 of the Eastern Conference Finals on Wednesday night against the Magic.

At least two other teams, New Jersey and Chicago, are considering Thibodeau as well.

New Orleans general manager Jeff Bower issued a statement late Tuesday denying that the team has made a formal offer to any candidate, saying that "we will issue an official update when we have concluded the process and have reached an agreement."

An agreement in principle between Hornets minority owner Gary Chouest and majority owner George Shinn for Chouest to purchase Shinn's share was reached three weeks ago.

However, the completion of the deal is now being delayed by Chouest's desire to put together an out-of-state group of minority owners, sources told the Times-Picayune on Monday.

No definite percentage is known, but sources said that Chouest is seeking to have a group of minority investors purchase "a significant chunk" of the 75 percent of the team that he'll purchase from Shinn.

A person familiar with the process says Tom Thibodeau is the leading candidate to fill the Hornets? coaching vacancy and the team could offer him the job this week.

After interviewing eight candidates, the Hornets began working on a contract for Thibodeau, the person told The Associated Press, speaking on condition of anonymity because the offer has not yet been made.

Avery Johnson may have cost himself a chance to become the next head coach of the Hornets.

It was reported on Friday morning that Johnson is looking for a dual role in New Orleans, with responsibilities as coach and in the front office.

"If Avery Johnson ever had a shot at Hornets coaching job, he's destroying it with leaks about desire for total control of basketball ops," Adrian Wojnarowski of Yahoo! Sports writes on his Twitter page.

The Hornets interviewed Jazz assistant Tyrone Corbin for their vacant head coaching position on Monday, according to sources.

Sources told Yahoo! Sports that Corbin could be the final candidate in the first round of interviews with New Orleans general manager Jeff Bower.

They have already spoken with Celtics assistant Tom Thibodeau, Blazers assistant Monty Williams, former Nets coach Lawrence Frank and former Mavericks coach Avery Johnson.

Lawrence Frank and Monty Williams are the latest coaching candidates to interview with the Hornets.

Team spokesman Harold Kaufman confirms that Frank and Williams met with team officials on Tuesday in New Orleans.

They have now interviewed seven potential coaches.

New Orleans has also met with Avery Johnson, Dwane Casey, Mike Fratello, Mark Jackson and Tom Thibodeau.

Former NBA coach and current TNT analyst Mike Fratello would love to interview with the Hornets and has emerged as the newest candidate for their vacant head coaching job.

Fratello has not yet talked to New Orleans.

"I'd love to talk to them if they want to talk," Fratello said.

"I'm sure there's a lot of people who'd like to talk to them. I'm just sitting here hoping that somebody, somewhere, thinks I'm the right person. I'd love to talk to somebody about potential jobs that are out there."

Fratello was a finalist for the Hornets' job back in 2003 before Tim Floyd was hired to replace Paul Silas.

The Hornets will not formally announce their change of ownership until next week at the earliest.

New Orleans spokesman Harold Kaufman says the schedules of the team's top officials have been complicated by their coaching search.

Gary Chouest and Hornets founder George Shinn agreed to a deal on Monday that transfers majority ownership to Chouest.

Chouset bought 25 percent of the team in 2007.