The L.A. Galaxy have reached an agreement with Argentine manager Guillermo Barros Schelotto to become the MLS team's new coach, the Los Angeles Times reported Wednesday, citing an unidentified source with knowledge of the negotiations.

A formal announcement isn't expected until next week.

Schelotto’s hiring comes after he was told earlier this month that his contract with Boca Juniors, the Argentine powerhouse that is one of the world’s top teams, would not be extended.

In 2 1/2 seasons coaching Boca Juniors, Schelotto, 45, led the team to two Argentine Primera Division titles, but his contract wasn't renewed after Boca lost to archrival River Plate in the Copa Libertadores that was marred by fan unrest in Buenos Aires.

When he joins the Galaxy for the opening of training camp in 3 1/2 weeks, he'll become the team’s fifth head coach in 26 months.

Still, the Times noted that Schelotto’s multiyear deal caps a productive December that went a long way toward stabilizing a Galaxy franchise that had been in flux: It also hired a new general manager in Dennis te Kloese, re-signed striker Zlatan Ibrahimovic to the richest contract in MLS history and welcomed back popular Brazilian midfielder Juninho.