The Raiders are planning a news conference Tuesday to introduce Gruden as their next head coach.
Gruden, who began his head coaching career with the Raiders in 1998, will succeed Jack Del Rio, who was sacked following a season-ending loss to the Los Angeles Chargers that capped a disappointing 6-10 campaign. He went on to win Super Bowl XXXVII with the Tampa Bay Buccaneers in 2002.
Oakland had previously traded Gruden to Tampa Bay for four draft picks after Gruden spent four seasons with the team.
Since 2009, he has been a color commentator for ESPN's Monday Night Football.
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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.
Gruden posted a 38-26 record with Oakland from 1998-2001, guiding the team to a pair of playoff berths and the AFC Championship game in his last two seasons.
The last time Gruden coached the Raiders was January 19, 2002 against the New England Patriots. It is believed that he will bring in well regarded Cincinnati Bengals defensive coordinator Paul Guenther to run his defense. Overall, Gruden is 95-81 in 11 seasons.
The former and future coach of the Raiders will receive a 10-year deal that will pay him about $10 million per year.
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