Report: 76ers hoping to finalize Colangelo deal Thursday

The Philadelphia 76ers will hire Bryan Colangelo as their new general manager and hope to have contract terms finalized Thursday, sources told Adrian Wojnarowski of The Vertical.

The Sixers' incumbent president and GM, Sam Hinkie, resigned his posts on Wednesday. Colangelo's father, Jerry, was hired to serve as the team's chairman of basketball operations - a position created specifically for him - in December.

Related: Sam Hinkie steps down as Sixers GM

The impact of the senior Colangelo's presence was felt immediately, as the floundering Sixers, in an attempt to bring some stability to their chaotic culture, promptly signed veteran big man Elton Brand, traded for point guard Ish Smith, and brought Mike D'Antoni aboard as an associate head coach.

Reports at the time suggested Hinkie's executive powers had been dramatically scaled back. This came amid rumors that his poor rapport with agents around the league was steering free agents away from Philadelphia.

According to multiple sources, the Sixers have long planned to add another high-ranking official to their front office, which is a big reason Hinkie opted to walk away from what would've been a much different job than the one he signed up for in 2012.

"Given all the changes to our organization, I no longer have the confidence that I can make good decisions on behalf of investors in the Sixers - you," Hinkie wrote in a letter to the team's ownership group, which was obtained by ESPN.

According to Wojnarowski's sources, ownership hadn't planned to fire Hinkie, but believed he'd be willing to accept a partner on an equal plane who would work closely alongside him. The Sixers had reportedly also considered hiring former Atlanta Hawks GM Danny Ferry to serve as one half of such a partnership, before Colangelo emerged as the top choice.

The junior Colangelo previously served as president and general manager for the Phoenix Suns and Toronto Raptors, being named the NBA Executive of the Year once at each stop. He reportedly balked initially at the prospect of working under his father a second time (he first did in Phoenix), but capitulated after being passed over for the Brooklyn Nets' general manager position, in favor of Sean Marks.