Ed Cooley is staying in Providence.

A source close to the situation told The Journal on Tuesday morning that the Providence College men's basketball coach, who had been in contact with Michigan regarding that school's open coaching job, would stay with the Friars.

Later Tuesday, the school announced that it had reached a multiyear contract extension with Cooley, who had withdrawn his name from consideration for the Michigan job.

"While it’s very flattering to be considered for other head coaching jobs, after talking with my family I have decided to remain in my hometown of Providence," Cooley said, according to a news release.

"The Friars are my family. Most importantly, my commitment is to my players and my team at Providence. I am extremely grateful to Father Brian Shanley, Athletic Director Bob Driscoll, the donors, season ticket holders and fans for all that they have done for me and my family. They have helped make Providence basketball one of the best jobs in the BIG EAST and the country. Their commitment and support with resources and other means has made me realize what a special place Providence College is. A few months ago we opened the best practice facility in the country – the Ruane Development Center. I also want to thank and appreciate my lawyer Dennis Coleman for all his insight and guidance."

On Monday, The Detroit Free Press reported that Michigan athletic director Warde Manuel was scheduled to speak with Cooley about the job on Monday. Longtime Wolverines coach John Beilein, the most successful coach in program history, jumped to the Cleveland Cavaliers. Besides Cooley, the Free Press reported that Manuel would interview Miami Heat assistant and former Michigan star Juwan Howard on Tuesday.

It's unclear if Cooley was ever actually offered the Michigan job but he spent Monday night re-working his contract with Providence.

“We are excited to announce that Ed Cooley will continue to lead our men’s basketball program,” Driscoll said in the news release. “We believe that Ed is the one of the top coaches in the country. His leadership over the last eight years has had a tremendous impact on Providence College and the Big East. Most importantly, Ed’s devotion to his family, Providence College and his team are one of the qualities that make him the perfect fit for the Friars.”

In eight seasons as the head coach at Providence, Cooley has posted a 162-110 record. He's led the Friars to seven-straight post-season appearances, including a school-record five-straight trips to the NCAA Tournament. It marks the first time Providence has reached the post season seven consecutive times since Dave Gavitt’s Friars accomplished the feat from 1970-71 to 1977-78 (eight-straight seasons).