Report: Penny Hardaway agrees to coach Memphis

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.

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Penny Hardaway throughout his basketball career
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Penny Hardaway throughout his basketball career
AUBURN HILLS, MI - 1993: Anfernee 'Penny' Hardaway #1 of the Orlando Magic poses for a portrait during the 1993 NBA Draft at the Palace at Auburn Hills in Auburn Hills, Michigan. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 1993 NBAE (Photo by Lou Capozzola/NBAE via Getty Images)
AUBURN HILLS, MI - JUNE 30: Chris Webber, number one overall pick by the Golden State Warriors, shakes hands with Penny Hardaway, number three overall pick by the Orlando Magic, during the NBA Draft at The Palace of Auburn Hills on June 30, 1993 in Auburn Hills, Michigan. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 1993 NBAE (Photo by Andrew D. Bernstein/NBAE via Getty Images)
LANDOVER, MD - CIRCA 1994: Penny Hardaway #1 of the Orlando Magic looks on against the Washington Bullets during an NBA basketball game circa 1994 at US Airways Arena in Landover, Maryland. Hardaway played for the Magic from 1993-99. (Photo by Focus on Sport/Getty Images)
LANDOVER, MD - CIRCA 1994: Penny Hardaway #1 of the Orlando Magic dribbles the ball against the Washington Bullets during an NBA basketball game circa 1994 at US Airways Arena in Landover, Maryland. Hardaway played for the Magic from 1993-99. (Photo by Focus on Sport/Getty Images)
PHOENIX - FEBRUARY 11: Penny Hardaway #1 of the Eastern Conference dribbles upcourt against the Western Conference during the 1994 Shick Rookie Game played February 11, 1994 at the America West Arena in Phoenix, Arizona. NOTE TO USER: User expressly acknowledges that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License agreement. Mandatory Copyright Notice: Copyright 1994 NBAE (Photo by Jon SooHoo/NBAE via Getty Images)
ORLANDO, FL - JANUARY 24: Penny Hardaway #1 of the Orlando Magic talks with Dominique Wilkins #12 of the Boston Celtics during a game played on January 24, 1995 at TD Waterhouse Centre in Orlando, Florida. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 1995 NBAE (Photo by Fernando Medina/NBAE via Getty Images)
CHICAGO, IL - MAY 21: Penny Hardaway of the Orlando Magic during the game against the Chicago Bulls on May 21, 1996 at United Center in Chicago, Illinois. (Photo by Sporting News via Getty Images)
CHICAGO, IL - JULY 1: Anfernee 'Penny' Hardaway signs an autograph for 9-year-old Derek Assaf following the 1996 United States Basketball Dream Team practice at the Moody Bible Institute in Chicago 01 July. The squad will be practicing in Chicago through 05 July in preparation for the Olympic Games. (Photo credit should read TIM ZIELENBACH/AFP/Getty Images)
PHOENIX, UNITED STATES: Penny Hardaway (L) and Phoenix Suns owner Jerry Colangelo hold Hardaway's new Suns' jersey during a press conference at the America West Arena 05 August 1999 in Phoenix, AZ. The Orlando Magic made the trade and acquired Danny Manning, Pat Garrity and two first-round draft picks. Hardaway, who will be paid 86 million USD over the next seven years, joins Jason Kidd. AFP PHOTO Roy DABNER (Photo credit should read ROY DABNER/AFP/Getty Images)
OAKLAND, CA - MARCH 7: Penny Hardaway #1 of the Orlando Magic looks on against the Golden State Warriors on March 7, 1997 at the Arena in Oakland in Oakland, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 1997 NBAE (Photo by Rocky Widner/NBAE via Getty Images)
Anfernee 'Penny' Hardaway from USA during a game against Croatia at the 1996 Olympics. (Photo by Dimitri Iundt/Corbis/VCG via Getty Images)
22 Apr 2000: Penny Hardaway #1 of the Phoenix Suns trys to out jump Terry Porter #30 of the San Antonio Spurs for a rebound during the NBA Playoff game at the Alamo Dome in San Antonio, Texas. The Suns beat the Spurs 72-70. Mandatory Credit: Allsport USA/ALLSPORT
PHOENIX - JANUARY 10: Shawn Marion #31 of the Phoenix Suns sits next to teammates Penny Hardaway who is out the lineup with a thumb injury that will require surgery, during the NBA game against the Memphis Grizzlies at America West Arena on January 10, 2003 in Phoenix, Arizona. The Suns won 96-90. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2003 NBAE. (Photo by Barry Gossage/NBAE/Getty Images)
NEW YORK - NOVEMBER 23: Penny Hardaway #1 of the New York Knicks looks on against the Atlanta Hawks on November 23, 2004 at Madison Square Garden in New York City. The Knicks defeated the Hawks 104-88. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Ezra Shaw/Getty Images)
MIAMI - OCTOBER 23: Penny Hardaway #7 of the Miami Heat drives against the San Antonio Spurs at American Airlines Arena on October 23, 2007 in Miami, Florida. The Spurs defeated the Heat 104-87. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Doug Benc/Getty Images)
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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

13 PHOTOS
The best photos from March Madness: Round of 32
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The best photos from March Madness: Round of 32
SAN DIEGO, CA - MARCH 18: Jevon Carter #2 of the West Virginia Mountaineers shoots against Ajdin Penava #11 and Jon Elmore #33 of the Marshall Thundering Herd in the first half during the second round of the 2018 NCAA Men's Basketball Tournament at Viejas Arena on March 18, 2018 in San Diego, California. (Photo by Sean M. Haffey/Getty Images)
NASHVILLE, TN - MARCH 18: Mfiondu Kabengele #25 of the Florida State Seminoles celebrates with Braian Angola #11 after defeating the Xavier Musketeers in the second round of the 2018 Men's NCAA Basketball Tournament at Bridgestone Arena on March 18, 2018 in Nashville, Tennessee. (Photo by Andy Lyons/Getty Images)
NASHVILLE, TN - MARCH 18: The Nevada Wolf Pack celebrate after defeating the Cincinnati Bearcats in the second round of the 2018 Men's NCAA Basketball Tournament at Bridgestone Arena on March 18, 2018 in Nashville, Tennessee. (Photo by Andy Lyons/Getty Images)
DETROIT, MI - MARCH 18: Nick Ward #44 of the Michigan State Spartans shoots the ball against the Syracuse Orange in the second round of the 2018 NCAA Men's Basketball Tournament at Little Caesars Arena on March 18, 2018 in Detroit, Michigan. (Photo by Elsa/Getty Images)
DETROIT, MI - MARCH 18: Matt Haarms #32 of the Purdue Boilermakers celebrates defeating the Butler Bulldogs 76-73 in the second round of the 2018 NCAA Men's Basketball Tournament at Little Caesars Arena on March 18, 2018 in Detroit, Michigan. (Photo by Elsa/Getty Images)
PITTSBURGH, PA - MARCH 17: Phil Booth #5 of the Villanova Wildcats goes to the basket for a slam dunk against John Petty #23 of the Alabama Crimson Tide in the second half during the game in the second round of the 2018 NCAA Men's Basketball Tournament held at PPG PAINTS Arena on March 17, 2018 in Pittsburgh, Pennsylvania. (Photo by Ben Solomon/NCAA Photos via Getty Images)
SAN DIEGO, CA - MARCH 18: C.J. Burks #14 of the Marshall Thundering Herd passes against the West Virginia Mountaineers in the second half during the second round of the 2018 NCAA Men's Basketball Tournament at Viejas Arena on March 18, 2018 in San Diego, California. (Photo by Sean M. Haffey/Getty Images)
NASHVILLE, TN - MARCH 18: Braian Angola #11 of the Florida State Seminoles dives for a loose ball against Quentin Goodin #3 of the Xavier Musketeers during the second half in the second round of the 2018 Men's NCAA Basketball Tournament at Bridgestone Arena on March 18, 2018 in Nashville, Tennessee. (Photo by Frederick Breedon/Getty Images)
SAN DIEGO, CA - MARCH 18: Elijah Thomas #14 of the Clemson Tigers goes up for a shot against the Auburn Tigers in the first half during the second round of the 2018 NCAA Men's Basketball Tournament at Viejas Arena on March 18, 2018 in San Diego, California. (Photo by Sean M. Haffey/Getty Images)
CHARLOTTE, NC - MARCH 18: Theo Pinson #1 and teammate Kenny Williams #24 of the North Carolina Tar Heels react at the end of their game against the Texas A&M Aggies during the second round of the 2018 NCAA Men's Basketball Tournament at Spectrum Center on March 18, 2018 in Charlotte, North Carolina. (Photo by Streeter Lecka/Getty Images)
WICHITA, KS - MARCH 17: Jordan Poole #2 and Moritz Wagner #13 of the Michigan Wolverines celebrate Poole's 3-point buzzer beater for a 64-63 win over the Houston Cougars during the second round of the 2018 NCAA Men's Basketball Tournament at INTRUST Bank Arena on March 17, 2018 in Wichita, Kansas. (Photo by Jamie Squire/Getty Images)
DALLAS, TX - MARCH 17: Ben Richardson #14 of the Loyola Ramblers and Jordan Bone #0 of the Tennessee Volunteers react after the Loyola Ramblers beat the Tennessee Volunteers 63-62 in the second round of the 2018 NCAA Tournament at the American Airlines Center on March 17, 2018 in Dallas, Texas. (Photo by Tom Pennington/Getty Images)
WICHITA, KS - MARCH 17: Udoka Azubuike #35 of the Kansas Jayhawks reacts after being called for a foul against the Seton Hall Pirates in the second half during the second round of the 2018 NCAA Men's Basketball Tournament at INTRUST Bank Arena on March 17, 2018 in Wichita, Kansas. (Photo by Jamie Squire/Getty Images)
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