Glendale, AZ -- (Sports Network) - The Phoenix Coyotes will hold a news conference at 1:30 p.m. (et) Wednesday, at which time the club is expected to announce that Wayne Gretzky will return as the head coach for the 2006-07 season and beyond.

The Arizona Republic reported late Tuesday that the legendary Gretzky has agreed to a five-year deal.

Gretzky is also a minority owner of the franchise and led the Coyotes to a 38-39-5 record in 2005-06, his inaugural season as a head coach in the NHL.

Gretzky, the NHL's all-time leading scorer and a nine-time Hart Trophy winner, struggled with off-ice issues this season. His assistant coach, Rich Tocchet, and his wife, actress Janet Jones, were both accused of being linked to an alleged gambling ring by the New Jersey State Police. Tocchet and Jones recently announced their intentions to file lawsuits against the State of New Jersey for damages to their reputation.

Gretzky, who is the 15th head coach in franchise history, finished his NHL career with 894 goals and 1,963 assists in 1,487 games with Edmonton, Los Angeles, St. Louis and the NY Rangers. He won four Stanley Cups as the leader of the Oilers dynasty in the 1980s and was inducted into the Hockey Hall of Fame immediately after his retirement in 1999.