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The Times-Picayune reported the sides agreed to a four-year extension.

New Orleans struggled this past season, the second under Williams, after sending star point guard Chris Paul to the Los Angeles Clippers, finishing last in the Western Conference with a 21-45 record.

The Hornets, though, are brimming with optimism. They won the NBA Draft Lottery and used the No. 1 pick to select 6-foot-10 forward Anthony Davis, the national player of the year from Kentucky. The Hornets then selected Duke guard Austin Rivers with the 10th overall pick.

"The Hornets have a promising future and an exciting young nucleus," said Hornets executive vice president Mickey Loomis. "It is our opinion that Monty is the perfect coach to develop and lead this group of talent going forward."

In his first season, Williams guided the Hornets to a 46-36 record before losing to the Los Angeles Lakers in six games in the opening round of the 2011 playoffs.

"We are proud to announce that Monty Williams will be the head coach of the New Orleans Hornets for years to come," said Hornets owner Tom Benson. "We could not be any happier to have someone of Monty's quality - both professionally and personally - involved in the resurgence of this franchise."

Williams spent five seasons as an assistant with the Portland Trail Blazers prior to joining the Hornets.