Wichita State coach Gregg Marshall agreed to terms on a new contact, choosing to remain with the Missouri Valley powerhouse after receiving overtures from Alabama.

The agreement is in place, but the final contract still must be signed. The deal is for seven years and is worth $3 million per year, sources told ESPN, representing a significant raise from the base salary of $1.85 million that Marshall was making on his previous seven-year rollover contract.

Wichita State has reached an agreement on a new deal with head coach Gregg Marshall. Jasen Vinlove/USA TODAY Sports

Marshall has led the Shockers to four straight NCAA tournaments, including a trip to the Final Four in 2013. Wichita State lost to Notre Dame in the Sweet 16 this past season.

The 52-year-old coach has received interest from big-name programs before, including NC State and Missouri. But he has almost always turned them down -- Wichita State was able to finally pry him away from Winthrop after nine seasons, and that was eight years ago.

Marshall Drawing Up A Plan Gregg Marshall's program owns the longest active streak of 30-win seasons in Division I. Prior to this stretch, Wichita State never had a 30-win season.

30 Wins: Longest Active Streaks Wichita State 3 Arizona 2 Virginia 2 Wisconsin 2

"I've said how content and happy I am at Wichita State over and over and over," Marshall said last week, when the Alabama interest began to circulate. "At the same time, I don't bury my head in the sand if a tremendous offer comes along. We look at it as a family, and that's something we've dealt with for 17 years."

The Crimson Tide fired Anthony Grant two weeks ago, and athletic director Bill Battle almost immediately focused on Marshall as his replacement. Battle flew to Wichita this week, spending an entire afternoon making his best pitch. A source told ESPN's Jeff Goodman that Alabama's offer was in the neighborhood of $4 million per year.

Marshall was considering a trip to the Alabama campus in Tuscaloosa later this week, but he instead chose to remain with the Shockers after agreeing to a reworked contract.

"I fully respect his decision and wish him and his family all the best," Battle said in a statement late Wednesday. "My objective in this search is focused on one goal: to get the best person available to lead the Alabama men's basketball program."

One of the big drawbacks in Tuscaloosa may have been the clout of the Alabama football team, which tends to dwarf the basketball program. Marshall's team is the spotlight program at Wichita State, where there has not been a football program since the 1980s.

Other benefits to remaining with the Shockers include that the program is already established. Point guard Fred VanVleet and shooting guard Ron Baker, two of the best players in the nation, are expected to return for their senior seasons. And after a period of sustained success, Marshall has reeled in his best recruiting class yet, headlined by four-star forward Markis McDuffie.

Then there's the support. Wichita State has several well-heeled boosters who ensure the program has everything it needs to compete, including chartered jets for recruiting trips and game travel. Koch Arena has one of the best home-court advantages in college hoops, and Shockers fans have snapped up every ticket available in the arena for years.

Throw in the fact that Wichita State knocked Kansas from the NCAA tournament, and it's hardly surprising that school administrators would do everything possible to keep Marshall in town.

"It could be the last job I ever have. I could retire from there," Marshall said during a recent interview. "Probably 13 of the last 17 years, we've had decisions to make, but I've had two jobs in that amount of time."

Marshall told ESPN.com last year that he was "very happy" at Wichita State, saying "it would take something really big" for him to leave.

Information from The Associated Press, ESPN's Rece Davis, Jeff Goodman, Andy Katz and Mark Adams contributed to this report.