The news came just one day after the Suns parted ways with Vogel.

According to The Athletic's Shams Charania, Mike Budenholzer agreed to terms on a lucrative five-year, $50-plus million contract to become the new head coach of the Phoenix Suns. The Suns officially confirmed the hiring on Saturday, although the specific financial details were not disclosed.

Suns owner Mat Ishbia expressed excitement about bringing Budenholzer back to his home state of Arizona. Ishbia stated, "Mike has proven himself to be among the most successful head coaches in the NBA. He is the right leader to take us to the next level and reach our championship goals."

This will be Budenholzer's third head coaching opportunity in the league. He previously coached the Milwaukee Bucks for five seasons, leading the team to their first NBA championship in 2021 alongside star player Giannis Antetokounmpo. However, he was subsequently let go by the Bucks after the 2022-23 campaign.

After taking a break from coaching during the past season, Budenholzer was widely considered a top candidate this offseason. Reports suggested that he had been actively assembling a coaching staff in preparation for his next role.

With a coaching career spanning 17 seasons, including being an assistant under Gregg Popovich in San Antonio and head coach of the Atlanta Hawks for five seasons, Budenholzer brings a wealth of experience to the Phoenix Suns. He boasts an impressive career coaching record of 484 wins and 317 losses, including a 271-120 record with the Bucks.

In a statement, Budenholzer expressed his gratitude for the opportunity to lead the Suns. "I am honored to be named head coach of the Phoenix Suns, the team I grew up watching," he said. "I'm grateful to have a talented roster of players who are ready to compete and play a style of basketball that will bring out the best in all of them, and bring them together as we compete for championships."

Replacing Vogel, who was let go after one season with a record of 49-33, Budenholzer becomes the third head coach in as many seasons for the Phoenix Suns. His task will be to turn around a franchise that has recently bet on star players like Kevin Durant, Devin Booker, and Bradley Beal, trading away key depth in the process. The Suns also face limited draft pick resources over the coming years.

While Budenholzer's arrival brings optimism and experience, it remains to be seen if he can immediately lead the Suns to significant change in the highly competitive Western Conference. The pressure is on as fans eagerly await the upcoming season to see if Budenholzer can guide the team towards their championship aspirations.