After 10 years in the Motor City, Detroit Red Wings head coach Mike Babcock has informed the team that he will not return next season.

An anonymous source informed USA Today Sports of Babcock's decision Wednesday afternoon.

After the Red Wings were knocked out of the playoffs, Babcock informed the organization that he would be looking at his options, before making a decision on his future.

CBS Sports is reporting that Babcock will sign a deal to become the head coach of the Toronto Maple Leafs, worth a record $50 million.

During his time in Detroit, Babcock led the Red Wings to the 2008 Stanley Cup and kept the team's streak of 24 consecutive playoff appearances alive.

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