Source: Extension announcement near

Louisville is expected to announce a four-year extension for Rick Pitino on Wednesday, a source close to the situation told ESPN.com's Pat Forde.

Pitino earned $2.25 million this season and has three years remaining on his contract.

Pitino led the Cardinals to a 20-13 record, good for a fifth-place tie in the Big East. They were eliminated in the first round of the NCAA tournament.

His tenure with Louisville (nine years) is the longest of his career. The Louisville Courier-Journal reports Pitino is due a $3.6 million "loyalty bonus" on July 1 and would receive the same amount in 2013 if he were still with the Cardinals.

In February, Pitino denied being interested in the New Jersey Nets' head coaching position.

"When someone speaks an untruth it's a bit of a distraction," he said after Louisville's loss to St. John's on Feb. 11. "I want to just concentrate on coaching and playing. When people speak an untruth, it bothers you. There is no truth to it. ... I've been at Louisville for nine years and I want to coach till I'm 65 and I hope it's at Louisville and I hope they'll have me. It's a distraction, a nuisance."

Information from The Associated Press was used in this report.