Former Houston Rockets general manager Daryl Morey is finalizing a deal to become the Philadelphia 76ers' new president of basketball operations, sources told ESPN.

A formal announcement is expected as soon as this week, sources said.

General manager Elton Brand is expected to remain in his current position, and new coach Doc Rivers is a proponent of the hiring, sources said. Rivers and Morey have a long history and strong relationship.

Morey has long been a target of 76ers ownership, turning down a chance to run the team two years ago before signing an extension with the Rockets.

In the aftermath of Houston's elimination from the league's Orlando restart, Morey approached owner Tilman Fertitta with the idea of leaving the job and the sides quietly worked through an exit agreement to conclude his 13 seasons running the franchise's basketball operations.

Discussions with the Sixers started soon after, sources said, and escalated this week, with Morey traveling to Philadelphia to meet with ownership, sources said.