Keith Olbermann has reached an agreement to return to ESPN to host a nightly show, sources told The New York Times.

The newspaper said ESPN would officially announce Wednesday the television veteran would come back to the network where he made a name for himself 16 years ago as the prime-time co-host of "Sports Center."

Sources said Olbermann's new gig would not be limited to sports. Olbermann will have the freedom to talk about pop culture and current events; however, his two-year contract specifies politics will be off-limits.

Olbermann spent seven years on MSNBC as the outspoken host of "Countdown," which the Times said had some ESPN insiders concerned Olbermann had become too politicized for the sports network.

But Olbermann will also add some additional cachet to the ESPN lineup as it gears up to counter the challenge from the pending launch of Fox Sports1, which will air a similar talk show hosted by veteran host Regis Philbin.