Penny Hardaway reportedly agrees to be the next coach at Memphis

Former Memphis guard Anfernee "Penny" Hardaway has agreed to a deal to become the school's next head men's basketball coach, reports ESPN.com.

Hardaway would replace Tubby Smith, who was fired last week after two seasons at the school. The team failed to make the NCAA tournament during his tenure.

According to the report, Hardaway, who has coached in the AAU circuit and led Memphis East High School to three straight state titles, will be introduced on Tuesday.

Hardaway played for the Tigers, then know as Memphis State, from 1991-93 and was named an AP first-team All-American before being drafted by No. 3 overall in the 1993 NBA draft.

The 46-year-old Hardaway played 15 seasons in the NBA with four different teams, most notably the Orlando Magic.

Hardaway was a four-time All-Star and made the All–NBA first team two times while being paired with Shaquille O'Neal in the mid-1990's.