The Grizzlies will formally introduce Jenkins as head coach on Wednesday.
Jenkins has rapidly built a reputation as an outstanding young teacher and tactician, and he'll take over a Grizzlies roster that includes veteran star Mike Conley Jr., promising young forward Jaren Jackson Jr. and, presumably, Murray State point guard Ja Morant, whom the franchise is targeting with the No. 2 overall pick in next week's NBA draft.
The Grizzlies' new executive vice president of basketball operations, Zach Kleiman, led the coaching search.
"Taylor has an excellent coaching pedigree, and we are confident he will lay the groundwork of developing the young players on our roster while having the elite basketball acumen and forward-thinking positive vision to be a high-level NBA head coach,'' Kleiman said in a statement Tuesday.
The Grizzlies had conducted a wide search over the past two months, including the consideration of EuroLeague, NBA and NCAA coaching candidates. Jenkins met with Memphis officials three times, including with Memphis owner Robert Pera last week, sources said.
Jenkins has been an assistant on Budenholzer's staffs with the Bucks (2018-19 season) and Atlanta Hawks (2013 to '18). He started his coaching career with the San Antonio Spurs' G League franchise in Austin, Texas, where he led the team to the playoffs. Jenkins is a graduate of the University of Pennsylvania's Wharton School of Business.