A formal announcement is expected soon.
Manning, 47, spoke with Wake Forest officials earlier this week and visited the campus Wednesday, at which point CBSSports.com reported that the No. 1 pick of the 1988 NBA Draft was leaning toward taking the job.
Sources told CBSSports.com that Tulsa put together an attractive offer to try to keep its second-year coach who just led the Golden Hurricane to the NCAA Tournament, but that, ultimately, the lure of leading a historically relevant program in the ACC -- combined with a big raise -- was too much for Manning to reject. So he'll replace Jeff Bzdelik, who never finished better than ninth in four seasons at Wake Forest.
Wake Forest finished 6-12 in the ACC this season.