Saunders and Minnesota are at the halfway point of their season, sitting just outside the playoffs and two games back of the Los Angeles Lakers for the eighth seed.
Hoiberg worked in Minnesota's front office following his retirement as an National Basketball Association player, and Wolves owner Glen Taylor has a well-known affection for him, according to league sources. "These decisions are never easy to make, but we felt necessary to move our organization forward".
The Minnesota Timberwolves could have interest in Hoiberg in either a head coaching or general manager capacity. Monty Williams and Chauncey Billups have also been reportedly discussed.
Assistant coach Ryan Saunders, son of late beloved Timberwolves coach Flip Saunders, will take over as interim coach. "I'm coaching on the fly at the moment and I'm putting a lot of thoughts to paper now and really trying to organize those things".
"I'm hurt because Thibs is not here", Rose said.
Taylor said he was "just looking at the results". "Maybe one of those games".
Hoiberg was sacked as coach of the Bulls on December 3 following a 5-19 start to the season.
Minnesota has now parted ways with Thibodeau and Jimmy Butler over the last two months.
Fred Hoiberg could be on the verge of replacing Tom Thibodeau for a second time if Minnesota Timberwolves owner Glen Taylor gets his way.
Hoiberg has been mentioned as a candidate for UCLA's head coaching vacancy. It's already been a whirlwind of a season thanks to Sunday's firing of Thibodeau and the Jimmy Butler trade on November 12. Minnesota then tried to fix the problem by shipping Butler to the Philadelphia 76ers in exchange for young, excellent players in Dario Saric and Robert Covington.
The Timberwolves will face the Thunder in Oklahoma City on Tuesday.