5:58pm: SI.com's Jon Heyman tweets that Collins is getting a two-year deal.
4:30pm: The Mets have hired Terry Collins as their next manager, tweets Ken Rosenthal of FOX Sports.
Collins, 61, has a wealth of experience as a minor league and major league manager as well as managing experience from Japan. He managed the Astros from 1994-1996, as well as the Angels from 1997-1999, but resigned with 29 games left in the season. He spent the 2010 season as the Mets' minor league field coordinator.
Other candidates for the job included Bob Melvin and Chip Hale, but Rosenthal first tweeted that Melvin was out of the running, and SI's Jon Heyman followed that up shortly after with a tweet saying that Hale was out of the running as well. Fanhouse's Ed Price tweets that Melvin is unlikely to remain with the club in a different role.