The 72-year-old was inducted into the Hall of Fame both as a player and a coach and set the record for the most coaching wins in the NBA with 1,332 victories.
"We reached a settlement with Wilkens in cooperation with the U.S. National Basketball Association (NBA)," the committee that runs the South Korean team told the Yonhap news agency.
South Korea won gold on home soil at the 2002 Asian Games but finished fifth in Qatar four years ago. The 16th Asian Games take place in southern China from November 12-27.
(Writing by Nick Mulvenney in Beijing; Editing by Peter Rutherford)