Hall of Fame guard Steve Nash has signed with the Brooklyn Nets to become the team's head coach for the next four years.

Steve Nash, Nets, Head CoachMaddie Meyer / Getty Images

The Nets confirmed the news by releasing a statement from Nash regarding his new position: "I am honored to have this opportunity with such a first-class organization and would like to thank Sean, Joe, and his wife, Clara, for having faith in my ability to lead this team forward," he said. "Coaching is something I knew I wanted to pursue when the time was right, and I am humbled to be able to work with the outstanding group of players and staff we have here in Brooklyn. I am as excited about the prospects of the team on the court as I am about moving to Brooklyn with my family and becoming impactful members of this community."

This will be Nash's first head coaching role since his retirement as a player in 2015; however, he served as a consultant for the Golden State Warriors during Nets star Kevin Durant's tenure with the team.

Jacque Vaughn will stay on to serve as the assistant coach for the Nets, making him the highest-paid assistant in the league.