Penny Hardaway has reached an agreement to become the next men's basketball coach at Memphis, a source told CBS Sports.
A press conference is scheduled for Tuesday at 11 a.m. CT.
CBS Sports first reported on March 7 that Memphis was "seriously considering" firing Tubby Smith after two seasons and replacing him with Hardaway -- a successful high school and grassroots coach with ties to multiple high-major prospects. A source told CBS Sports that the school and Hardaway began negotiations the day after Memphis lost in the AAC Tournament semifinals. The two sides reached a deal in principle last week around the same time Smith was formally terminated. CBS Sports and The Commercial Appeal both reported last week that Hardaway was expected to be the next Memphis coach after he was allowed to guide East High to a third straight Tennessee state championship. East won the state title Saturday.
Hardaway, 46, was a first-team All-American in the 1990s (at what was then Memphis State) who went on to be a first-team All-NBA guard for the Orlando Magic. Chronic knee injuries eventually limited his effectiveness. He retired from the NBA in 2007.
