U of M sources say Calipari is staying in Memphis

Multiple sources say John Calipari and the University of Memphis have reached an agreement in principle to keep the basketball coach here in the Bluff City.

Action News 5 spoke with Memphis athletic director R.C. Johnson by phone Tuesday night who terms it "Cautiously Optimistic". ]

Johnson says there are still a few details to be worked out. The next step is to hand things over to the lawyers on both sides and sign the new contract.

At 5:30 Tuesday evening, Calipari held a team meeting at his house in East Memphis. The players and his assistants were all there. Darius Washington had a big smile.

The last 3 days have been a whirlwind.

Calipari met with NC State officials twice, going to Raleigh under the cover of darkness Monday night for their best offer.

The exact numbers of Memphis' offer are not yet available, but it's believed to be a base salary around 1.7 million per year. By remaining in Memphis through the 2009-2010 season, Calipari will also receive an additional 2.5 million bonus that was negotiated in a previous deal.

No time table has been set for an official announcement but it could come as soon as Wednesday. Which not-coincidentally is the first day of the late signing period.