Memphis officials have reached a deal on a five-year contract extension for men's basketball coach Josh Pastner, a source told CBSSports.com early Tuesday.

The school subsequently confirmed the CBSSports.com report.

Pastner's new contract is worth $1.7 million annually.

"We are delighted that Coach Pastner has accepted our contract offer and will remain as our basketball coach for years to come,” said Memphis athletic director R.C. Johnson. “He is, without a doubt, one of the most exciting young coaches in the country, and we anticipate continued growth for our basketball program."

Pastner had been linked to openings at N.C. State, Missouri and Oklahoma in recent days. He just took Memphis to the NCAA tournament and should return a preseason Top 25 team next season headlined by Will Barton, Joe Jackson, Tarik Black and incoming freshman Adonis Thomas, a McDonald's All-American from Melrose High in Memphis

"I have stated numerous times that the Memphis basketball job is one of the top five jobs in the country,” Pastner said. “I am most appreciative of the opportunity and understand the responsibility I was presented by R.C. Johnson to coach this team. We have everything we need to be successful and build championship caliber teams. From a modern arena, to a great practice facility, to one of the strongest fan bases in the nation, to an outstanding recruiting area, Tiger basketball is one of the top five programs in the country and should always remain at that elite level."

Pastner is 49-20 in two years with the Tigers.

He replaced John Calipari in April 2009.