by Jeff Goodman

Duke's Mike Krzyzewski will coach Team USA in the 2012 Olympics. (Ethan Miller / Getty Images)

According to sources close to the situation, Krzyzewski has decided to take on a return engagement with the team.

USA Basketball chairman Jerry Colangelo said Tuesday that "all leads point to Coach K coming back," following a report by the Boston Globe that Krzyzewski has agreed to return as U.S. Olympic basketball coach.

An announcement is expected prior to Team USA's basketball minicamp in Las Vegas, which begins July 22.

Krzyzewski led the Americans to the gold medal in the 2008 Olympics, their first major championship in eight years. He also guided them to a bronze in the world championships two years earlier.

Colangelo said he was aware of the speculation regarding Krzyzewski, but wouldn't confirm a decision had been reached. However, he hoped the coach he picked in 2005 to guide the program would return.

"With the success that we had, I would do everything in my power to keep everything intact," he told The Associated Press.

"I'm a strong believer in not upsetting the apple cart."

Colangelo previously planned to name the next coach in the fall, but he and Krzyzewski agreed to move up the decision after a dinner meeting in June.

The 2012 Olympics will take place in London.

The Associated Press contributed to this report.