Penny Hardaway might soon be returning to the University of Memphis to take over as head coach of the men's basketball program.

According to a report by CBS Sports, Memphis is considering firing head coach Tubby Smith and replacing him with Hardaway, who played for the Tigers from 1991 to '93 and currently coaches East High School in Memphis, Tennessee, in addition to running the Team Penny AAU program on the Nike EYBL circuit.

The hope is that Hardaway would be able to lure top recruits to play for Memphis, including some of the top-ranked players that he currently coaches at East High School and on the Team Penny AAU squad. Hardaway is "actively preparing to be a college coach" and has already started identifying possible future staff members, including Larry Brown who would serve as an assistant on Penny's staff, according to CBS Sports.

Smith is only in his second season at Memphis and it would reportedly cost $9.75 million to buy him out. That said, the administration has reportedly come to the conclusion that keeping him around "might cost more in multiple ways," according CBS Sports

The Tigers went 19-13 last season under Tubby Smith and are currently sitting at 19-12 heading into the American Athletic Conference tournament, which kicks off tomorrow. Memphis, the fifth seed in the AAC, will face South Florida in the first round.