Nebraska has parted ways with coach Tim Miles after seven seasons, the team announced on Tuesday.

The favorite to replace Miles is former Iowa State and Chicago Bulls head coach Fred Hoiberg, multiple sources told ESPN. Hoiberg, 46, was fired by the Bulls in December but has interest in returning to college basketball. He was also linked to the vacant UCLA job, but Nebraska has already reached out to him and there is mutual interest from Hoiberg, sources told ESPN.

Miles, 52, led the Cornhuskers to the NCAA tournament in 2014, but they haven't made the tourney again since. Nebraska finished tied for fourth in the Big Ten in 2017-18, going 22-11 overall. Miles received a one-year contract extension following the season.

He entered this season with NCAA expectations, but Isaac Copeland suffered a season-ending injury in late January and Nebraska stumbled to a 19-17 (6-14 in the Big Ten) finish. The Cornhuskers' season ended on Sunday with an NIT loss to TCU.

Nebraska athletic director Bill Moos said in a statement on Tuesday that Miles "put his heart, soul and energy" into the program, but said they had not maintained "a level of consistent success."

"I am confident there will be strong interest from the coaching community about the opportunity to lead our men's basketball program," Moos said in the statement. "We are fully committed to providing the necessary resources to position our basketball program for success on the conference and national level. I expect to find a head coach who will elevate Nebraska basketball to new heights."

Miles thanked the university and its fans in a tweet on Tuesday.

A special thank you and deep gratitude to our players and parents who have been with us and supported us over the years. Thanks to our coaches, legends, alumni and to all of the support staff who interact with our program on a daily basis and made the experience one I will — Tim Miles (@CoachMiles) March 26, 2019

Overall, Miles went 116-114 during his time in Lincoln.

Prior to arriving at Nebraska in 2012, Miles spent five seasons at Colorado State and led the Rams to the NCAA tourney in his final season at the helm. He was also the head coach at North Dakota State from 2001 to 2007.