John Calipari led the Memphis Tigers to a perfect Conference USA record this season before taking them all the way to the Elite Eight.
The run is not stopping there, either.
Calipari has reached an agreement in principle which will extend his contract through 2012, according to the school.
Terms of the contract were not yet available.
"This is my way to say thank you to John for what he has been able to accomplish at the University of Memphis over the past seven years," Tigers athletic director R.C. Johnson said.
Calipari's name was tossed out as a candidate for job openings
like Kentucky even before Memphis lost 92-76 to top-seeded Ohio
State in the South Regional on Saturday.
Memphis went 33-4 and 16-0 in Conference USA, and the Tigers'
enjoyed a 25-game winning streak before the loss to the Buckeyes.
In seven seasons at Memphis, Calipari has posted a 181-63 record. Calipari owns an overall record of 374-134 in 15 years of college coaching, including nine NCAA Tournament appearances.
"We have had a tremendous seven years, especially in the incredible ride during the past two seasons and I look forward to continuing that success in coming years," Calipari said.
Information from The Associated Press contributed to this story.