Ole Miss head coach Hugh Freeze led the Rebels to their first nine-win regular season in 11 years, and he earned himself a handsome pay raise in doing so.

The Northeast Mississippi Daily Journal is reporting, citing sources, that Freeze has agreed to terms with the University of Mississippi on a new contract that will keep him in Oxford and pay him in the ballpark of $4 million annually.

UPDATE: Freeze reaches verbal agreement to sign extension http://t.co/dyvtqNl12o — DJournalnow (@DJournalnow) December 2, 2014

According to the Daily Journal’s sources, Freeze is “expected to sign the deal soon.” Those sources said he could also have additional funds exceeding $500,00 with which to pay assistant coaches.

Freeze was in the third year of his previous four-year deal, and he earned $3 million for the 2014 season. It was rumored Freeze was weighing competing offers made by Ole Miss and the University of Florida on Sunday, but UF released a statement Monday morning confirming it had not made Freeze a formal offer.

Statement from UAA (1 of 2): We will have no comment on the recent multiple reports other than to say that we have made no job offers to — GatorZone Football (@GatorZoneFB) December 1, 2014

Statement from UAA (2 of 2): anyone and reports claiming that are false #Gators — GatorZone Football (@GatorZoneFB) December 1, 2014

Ole Miss athletic director Ross Bjork told the media earlier this month that the university could offer up to $4 million per year on a new four-year deal for Freeze, which is the maximum allowed under Mississippi state law. Bjork also noted earlier this season he had begun contract talks with Freeze’s agent, Jimmy Sexton, but that those talks were not expected to be completed until after the season.

Bjork expressed confidence at the time that the university would be able to compete financially in order to retain Freeze.

The Rebels head coach has posted a 24-14 record in his first three seasons at Ole Miss, including three bowl appearances, a 2-1 record in the Egg Bowl and three wins against top 10 teams. He also led the Rebels all the way to No. 3 in the nation earlier this season.

Including his one season at Arkansas State, Freeze is 34-16 as an FBS head coach.