Kentucky landed five-star senior E.J. Montgomery on Monday morning.
Hagans, a former Georgia commit who reopened his recruitment weeks before Mark Fox was fired, is currently a member of the 2019 class. However, there has long been talk that he will reclassify to 2018 and enroll in college in the fall.
He is likely to decide whether to reclassify in August.
The Wildcats lost Shai Gilgeous-Alexander to the NBA draft on Monday night, opening up the need for another guard for next season.
Hagans, a 6-foot-3 point guard, is ranked No. 18 in the ESPN 100 for the Class of 2019. He averaged 14.2 points, 5.4 rebounds and 8.3 assists playing for Game Elite 2019 on the Adidas Gauntlet circuit last spring and summer.
"He's a beast," Fox told ESPN's Jeff Goodman. "He's bigger and more powerful than everybody at his position. He gets to the rim and can finish, and is an excellent and instinctive passer -- and is a great kid."
If Hagans were to reclassify, Kentucky would be the only school with five five-star recruits in 2018. He would join Keldon Johnson (No. 6), Montgomery (No. 16), Immanuel Quickley (No. 17) and Tyler Herro (No. 25) in the Wildcats' incoming group.
The Wildcats already lost Gilgeous-Alexander and Kevin Knox to the draft, with Hamidou Diallo expected to follow. P.J. Washington is testing the draft waters without an agent, while Sacha Killeya-Jones and seldom-used big man Tai Wynyard are transferring.