Jankovich told CBSSports.com that he'll be joining Larry Brown with the Mustangs and while he refused to comment on it, multiple sources said that he'll go as the coach-in-waiting.
The 71-year-old Brown isn't expected to remain at SMU, according to sources, for more than three seasons.
Jankovich was a head coach at North Texas for four seasons in the mid 1990s and spent time as an assistant under Bill Self at Illinois and Kansas before taking the Illinois State job in 2007.
He was 104-64 in five seasons -- with four NIT appearances. He leaves a team that could challenge for the Missouri Valley title.
However, he'll double his salary as the coach-in-waiting under Brown, making about $700,000 per season -- and take over a program that is heading into the Big East.
Jankovich will join a staff that also includes former Illinois assistant Jerrance Howard and Houston assistant Ulrig Maligi -- who was hired on Thursday and has strong Texas ties.