UConn coach Kevin Ollie is set to receive a contract extension. (Elsa/Getty Images)

University of Connecticut men’s basketball coach Kevin Ollie will receive a five-year contract extension through the 2017-18 season, reports the Hartford Courant.

Financial terms were not disclosed. Ollie took over for Hall of Fame coach Jim Calhoun, who retired after 26 seasons and won three national championships at the school.

Ollie, who was named the school’s 18th head coach in September, was initially given a seven-month deal worth $625,000.

Ollie played his college ball at UConn and spent 13 seasons in the NBA. He became an assistant for Calhoun in 2010.

Connecticut is 9-2 this season and will play Washington (8-4) at home on Saturday.

Source confirms Kevin Ollie will receive 5 year contract extension at UConn.—
Seth Davis (@SethDavisHoops) December 29, 2012

Jim Calhoun will reportedly retire as coach of the Huskies. (Jim McIsaac/Getty Images)

Jim Calhoun will reportedly retire after 26 years as the head coach of the University of Connecticut men’s basketball team, according to a report Wednesday evening from NBCConnecticut.com:

It is a matter of Calhoun and his agent “dotting the ‘i’s’ and crossing the ‘t’s',” according to the source.

Calhoun reportedly wants to speak to his players before any statement is made either by him or the school. He told NBC on Wednesday that nothing has been finalized:

“Don’t be surprised by anything, even this week,” Calhoun said.

The coach won three titles with the school, most recently in 2011. He also led the program to four Final Four appearances. Overall, Calhoun is 866–369 over 26 seasons.

His retirement comes as the school readies for a season in which it is banned from postseason play. The NCAA ruled that the Huskies failed to maintain academic requirements from 2007 to 2010 and issued the ban for this upcoming season.

UPDATE: Sources told ESPN’s Andy Katz that assistant Kevin Ollie, a former Huskies guard, will replace Calhoun.