The deal is reportedly $100 mil for 10 years, the longest coaching deal in National Football League history according to Adam Schefter.
The Raiders fired head coach Jack Del Rio after the last game of this season, a move seen by many as a big signal that the team's talks with Gruden were serious.
The news conference was first reported by the Raiders Snake Pit website. Carolina Panthers coordinator Greg Olson is expected to be Gruden's offensive coordinator and Cincinnati Bengals defensive coordinator Paul Guenther is a top candidate for Oakland's defensive coordinator position.
Appearing on ESPN's Golic and Wingo (h/t Ryan Wilson of CBSSports.com) on Wednesday, Gruden confirmed he has spoken with Raiders owner Mark Davis regarding the opening and added, "I think there's a good chance", when asked about whether he would accept the job. He is scheduled to work his final game Saturday in Kansas City when the Chiefs take on the Tennessee Titans in a playoff game. During that time, the Raiders won two AFC West titles and advanced to the conference championship once. Gruden holds an all-time mark of 95-81 over 11 seasons with the Raiders and the Bucs and is 5-4 in the playoffs.
The Raiders will be required to comply with the "Rooney Rule" and interview at least one minority candidate or otherwise face discipline from the NFL.