Updated

USA Basketball announced Thursday that Duke head coach Mike Krzyzewski will return to guide the U.S. Men's National Team through 2016.

Since becoming the head coach of Team USA in 2005, Krzyzewski's teams have compiled a 62-1 record and claimed top honors in four of five FIBA or FIBA Americas competitions. Team USA also captured Olympic gold in both 2008 and 2012 under the winningest coach in Division I men's basketball.

The 66-year-old Krzyzewski owns a record of 957-297 in 38 years on the collegiate level, including four national championships in 33 years at Duke. He had previously indicated that the 2012 Olympics would be his last run as national coach.

"It is tough to give up something you've absolutely loved doing for seven years, the people you're doing it with, and most importantly, the country you're doing it for," said Krzyzewski. "As a result of my ongoing desire to coach, I've decided I'd like to continue as head coach of the Men's National Team especially since USA Basketball wanted me to do so. It just seems like the right thing to do."

Over the next four years, the Men's National Teams will conduct a team mini- camp in Las Vegas, Nev., July 22-25, 2013; compete in the 2014 FIBA Basketball World Cup (formerly the FIBA World Championship) Aug. 30-Sept. 14 in Spain; if necessary, participate in the 2015 FIBA Americas Olympic Qualifying Tournament (dates and site TBD); and if the USA qualifies, compete in the 2016 Summer Olympic Games (Aug. 5-21) in Rio de Janeiro, Brazil.

"There is no greater honor than to coach your country's team and to be afforded the unique opportunity to be the National Team coach three times is incredible," said Krzyzewski. "I do not take that responsibility lightly. Working with the people at USA Basketball, particularly (USA Basketball Chairman) Jerry Colangelo, has been remarkable."

Team USA is currently riding a 50-game winning streak under Coach K.

"We've seen the value of continuity and Coach K's return gives our national team program another four years of continuity," said Colangelo. "Together we have been able to build on the program's successes of each year and again establish the United States as the world's number one basketball country. Repeating our performances from the previous four years, which included winning gold at the 2010 FIBA World Championship and the 2012 London Olympics, will be quite a challenge, but it is one we look forward to undertaking."

This past season at Duke, Krzyzewski's team went 30-6, the program's 13th 30- win season, and made its 18th straight trip to the NCAA Tournament. Advancing to the Elite Eight, it marked the 13th time in the last 16 seasons that Duke reached at least the Sweet 16.