Xavier's Chris Mack has reached an agreement to become the next coach at Louisville, a source told CBS Sports on Tuesday.

A formal announcement is expected soon.

Mack just concluded his ninth season at Xavier -- where he made eight NCAA Tournaments, four Sweet 16s and one Elite Eight. This season he guided the Musketeers to 29 wins and the school's first Big East regular-season title. They subsequently lost to Florida State in the Round of 32 of the NCAA Tournament.

A source told CBS Sports that Louisville long ago identified Mack as its primary candidate to permanently replace Rick Pitino, who was fired in October. Mack's contract is for seven years and worth an estimated $4 million annually, according to a source.

Xavier assistant Travis Steele is considered the frontrunner to replace Mack.