(AP) The person, who spoke to The Associated Press on condition of anonymity Thursday night because they were not authorized to speak publicly, said Malone was incoming owner Vivek Ranadive's top choice.
Ranadive has been a minority owner of the Warriors the past three seasons and is closing a sale with the Maloof family to buy the Kings.
Malone's hiring officially ends Keith Smart's tenure as Sacramento's coach. Smart took over for the fired Paul Westphal in January 2012 and had one year remaining on his contract.
Yahoo Sports first reported the agreement.