It's an incredibly lucrative deal for Gruden, who has been a broadcaster the past nine years, turning down coaching offers along the way.
The Oakland Raiders will reportedly introduce Gruden as their next head coach at a press conference which has been scheduled for Tuesday.
ESPN's Adam Schefter reported Gruden's contract is for 10 years _ the longest coaching contract in history _ and worth around $100 million.
While you may or may not be familiar with his work, or who he is, here's five things you should know about the team's newest Head Coach.
The Buccaneers went 12-4 in his first season and finished 57-55 with three playoff appearances in Gruden's seven seasons.
Sure, Gruden. Whatever you say. That's a goal that probably motivated Gruden to return to football.
Of course, the Warriors won't want a lame-duck coach next season and Kerr has a good chance to add a third title before Gruden even coaches another game with the Raiders. One candidate was with the Oakland Raiders. He led the Buccaneers to the Super Bowl title over Oakland the following season.
His tenure ended shortly after the "Tuck Rule" loss to the New England Patriots when he was traded the following month to Tampa Bay for two first-round draft picks, two second-rounders and $8 million. He bounced around for a few more years before being hired Raiders owner Al Davis as the Head Coach in 1998.
In his 11 years of coaching, Gruden compiled a 95-81 record, including a Super Bowl championship with the Bucs during the 2012 season.
Other teams have also done it, with one of the most recent notable coaching hires being Joe Gibbs in Washington.