University of Connecticut men's basketball coach Jim Calhoun will announce his retirement Thursday at a 2 p.m. press conference, a source tells CBS Sports college basketball reporter Jeff Goodman. The story was first reported by Kevin Nathan, a reporter for Connecticut's NBC affiliate. Former UConn player and current assistant Kevin Ollie will be named interim head coach with a chance to earn the job full time, a source tells Kevin Duffy of the Connecticut Post.

The 70-year-old Calhoun has won three national championships, most recently in 2011. Health problems have plagued the coach in recent years, and UConn faces a postseason ban this season for failing to maintain an NCAA academic requirement. Calhoun won more than 600 games at UConn. He was elected to the Basketball Hall of Fame in 2005.

Calhoun was the coach of Northeastern University before coaching at UConn. He was born and raised in Braintree. Former Celtic Reggie Lewis played for Calhoun at Northeastern. Donyell Marshall, Ray Allen, Richard Hamilton, Rudy Gay, and Kemba Walker are among Calhoun's former players who have gone on to have NBA success.

