An official announcement is expected soon.
Beard was an assistant at Texas Tech from 2001-11.
He was named the head coach of UNLV on April 9, but the Runnin' Rebels have only two players on scholarship and five official visits for the spring recruiting period.
Beard replaces Tubby Smith, who accepted the Memphis job on Thursday.
Beard went 30-5 last season at Little Rock.
CBS Sports reported on Thursday night that Texas Tech flew to Las Vegas to meet with Beard.