via Darren Dreger tweets,

My understanding is, Holland is informing the Ilitch family and the Red Wings today. And as has been speculated all week, the Oilers offer is believed to 5 years at $5 million per.

The paperwork still has to get done. Provided all of that is managed today, expect the Oilers to introduce Holland as the new GM in the next few days. Holland will have autonomy and Nicholson could take on a bigger role as well.

Holland and Nicholson had a friendly discussion a couple of weeks ago, but more about Holland’s job change in Det. The veteran GM still wants to be a GM and needed time to think things through.

via TSN,

According to TSN'S Ryan Rishaug, Ken Holland will accept the job as Oilers general manager, and could be introduced as early as Tuesday.

You can listen to Rishaug on this at the TSN link.

added 12:23pm,