Yahoo Sports' Pat Forde says the Louisville basketball program is a repeat violator of major sanctions and that would make the program deserving of being shut down. (0:50)

Louisville head basketball coach Rick Pitino has told members of his coaching staff that he expects to lose his job over allegations that the Cardinals basketball program is involved in a federal investigation into fraud and corruption in college basketball recruiting.

A source told ESPN's Michael Eaves that Pitino "knows it's coming" after a staff meeting of the basketball coaches Wednesday morning in Louisville.

Rick Pitino has coached 16 seasons at Louisville. Chris Humphrey/Icon Sportswire

Pitino and Tom Jurich, Louisville's athletic director, met with Louisville's interim president Greg Postel, according to ESPN's Jeff Goodman and reports.

The school will hold a news conference at 1 p.m. ET, Postel said. Pitino and Jurich will not attend.

On Tuesday, federal prosecutors in New York announced charges of fraud and corruption against 10 people involved in college basketball, including four assistant coaches -- Auburn's Chuck Person, Oklahoma State's Lamont Evans, Arizona's Emanuel "Book" Richardson and USC's Tony Bland.

The FBI probe focused on coaches being paid tens of thousands of dollars to steer NBA-bound players toward sports agents, financial advisers and apparel companies.

Federal criminal complaints accuse at least one coach at a "public research university located in Kentucky" -- identified as Louisville -- of taking part in a scheme to funnel about $100,000 from Adidas to an All-America high school player whom the Cardinals were recruiting.

Tuesday night, Pitino released a prepared statement saying the allegations "come as a complete shock to me" and that he knew nothing about them.

"If true, I agree with the U.S. Attorneys Office that these third-party schemes, initiated by a few bad actors, operated to commit a fraud on the impacted universities and their basketball programs, including the University of Louisville," Pitino said in his statement. "Our fans and supporters deserve better and I am committed to taking whatever steps are needed to ensure those responsible are held accountable."

Louisville currently is on probation by the NCAA, and Pitino is facing a suspension by college's governing body following a sex scandal investigation

On June 15, the NCAA suspended Pitino for five Atlantic Coast Conference games. The university is appealing.

The NCAA also placed the basketball program on four years' probation, vacated wins in which ineligible players participated and issued a 10-year show-cause order for former basketball operations director Andre McGee.

Former escort Katina Powell alleged that McGee had hired her and other escorts to strip and have sex with Louisville recruits and players.

The school last won an NCAA basketball championship in 2013.