Well that is what Brian Hanley of the Chicago Sun Times is reporting, anyway. Aside from looking like James Woods, Collins has a fairly decent coaching resume, but no title to his name.
I suppose this is a better move for Paxson than getting some experienceless assistant off of a bench somewhere. Collins has been announcing NBA games for TNT since his last coaching stint and I doubt the game has passed him by and he should have a good amount of familiarity with the league as currently constitued.
Now the only question is – will Derrick Rose get him fired?