It looks like Tiger Basketball coach John Calipari is staying in Memphis..
multiple sources are telling us that the two sides have reached an agreement in principle.
Action News 5's Dave Cera 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.
You see Darius Washington with a big smile on his way in.
The last 3 days have been a whirlwind.
***Calipari met with NC State officials twice, going to Raleigh under the cover of darknessMonday 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 asWednesday.
Which **coincidently** is the first day of the late signing period.
This means the U of Mmay have successfully fended off a full court press by North Carolina State to steal their coveted head coach...and is now poised to continue the progress Coach Call started here 6-years ago...
Memphis, coming off an Elite 8 appearance in this years' NCAA Tournamnt, has a squad full of young players returning, and a bevy to top quality recruits already signed for next season.
The Tigers finished this year ranked 6th in the nation, and should be a legitimate top 5-contender for the National Championship next year.
The Deal still must be signed..but U of M Athletic Director R.C. Johnson told us tonight he's sure it will be.
As new details come into the newsroom on the contract negotiations...count on Action News 5 to pass them a long to you.