The Tennessee-Memphis basketball rivalry is officially back on.

Tennessee coach Rick Barnes, during a press conference on Monday recapping his team's season, confirmed that his Vols are in a three-year contract with the Tigers, starting next season at Memphis.

Memphis will play at Tennessee the following season and the two teams will meet in Nashville for a neutral-site game in the third year of the contract. Other Tennessee teams could play in Nashville alongside the Vols.

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"It's something we had been working on with Tubby Smith since we had gotten here," Barnes said. "Don't hold me to it, but I think the way the contract sets up, we go there first, then they come here, then we have a meeting in Nashville."

New Memphis coach Penny Hardaway, hired last week to replace Smith, also confirmed Monday during a radio interview that the series with Tennessee is back on schedule.

Tennessee has won 14 of its 25 meetings with Memphis. The two teams last played on Jan. 4, 2013, an 85-80 Tennessee loss at Thompson-Boling Arena in Knoxville. The Tigers have won the last three meetings, including a 99-97 overtime win in the Maui Invitational in 2011.

The biggest game between the two rivals came on Feb. 23, 2008, when No. 2 Tennessee beat No. 1 Memphis 66-62 at FedEx Forum in Memphis.

The details are still being worked out for the Nashville event to end the new game contract between the two schools.

"We would love to see it, even though we like a home-and-home, we would like to make it a big day of basketball in Nashville," Barnes said. "Not just us, but bring in other teams within in the state and just make it a day to really promote basketball. That's the we're going there that third year.

"I would imagine, if it goes the way we want it to, it won't just be us playing that day that we go to Nashville. It will be a jamboree ... something that will really promote basketball in the state of Tennessee."

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Contact Grant Ramey by email at grant.ramey@cbsinteractive.com or on Twitter (@GrantRamey), or FOLLOW GOVOLS247 ON FACEBOOK.