The Milwaukee Bucks came to an agreement with on Wednesday to become the team's next head coach, the Milwaukee Journel Sentinel reported. The decision was made after an interview process that lasted nearly two weeks.
In his five seasons with Atlanta, Budenholzer compiled a 213-197 record.
Budenholzer, 48, was selected from a group of two finalists, with San Antonio Spurs assistant Ettore Messina being the other coach with a second interview.
Others reportedly interviewed included David Blatt, Steve Clifford, Becky Hammon, Joe Prunty and Monty Williams.
Houston's James Harden, Cleveland's LeBron James and New Orleans' Anthony Davis are the finalists for the NBA's MVP award. The winners will be announced June 25.
Davis was also a finalist for defensive player of the year, along with Utah's Rudy Gobert and Philadelphia center Joel Embiid.
The other finalists:
Rookie of the year: Donovan Mitchell, Utah; Ben Simmons, Philadelphia; Jayson Tatum, Boston.
Coach of the year: Dwane Casey, Toronto; Quin Snyder, Utah; Brad Stevens, Boston.
Sixth man: Lou Williams, Clippers; Eric Gordon, Houston; Fred VanVleet, Toronto.
Most improved: Clint Capela, Houston; Spencer Dinwiddie, Brooklyn; Victor Oladipo, Indiana.
No penalty for Cavaliers' Smith
Cleveland's J.R. Smith will not be further punished by the NBA for his aggressive foul in Game 2 of the Eastern Conference finals on Boston center Al Horford, who was in the air when he got pushed and could have been seriously hurt.