Anfernee "Penny" Hardaway will return to his alma mater, agreeing to become the next coach at the University of Memphis, according to ESPN.
He replaces Tubby Smith, who was fired after guiding the Tigers to a 40-26 record over two seasons.
Hardaway is expected to be introduced at a press conference on Tuesday.
Hardaway had reportedly been in discussions with the school about a contract since the Tigers' exit in the American Athletic Conference tournament and his representatives have been in contact with potential assistant coaches and staff members, according to The Commercial Appeal.
The 46-year-old Hardaway is a Memphis, Tenn. native and played two seasons at Memphis from 1991-93 before going on to have a standout 14-year career in the NBA.
Hardaway just finished his season as the coach at East Memphis High School, where he guided the team to a third straight TSSAA Boys Basketball State Championship.
Hardaway has never coached at the college level.
As a player, Hardaway averaged 20 points, 7.7 rebounds, 5.9 assists and 2.5 steals over 66 games with the Tigers, winning the Great Midwest Player of the Year award in back-to-back seasons.
The combo guard was a four-time NBA All-Star, averaging 15.2 points, five assists, 4.5 rebounds and 1.6 steals in 704 games with the Orlando Magic, Phoenix Suns, New York Knicks and Miami Heat.
--Field Level Media