After weeks of speculation, the University of Memphis have reportedly named former Memphis Tigers star Penny Hardaway as head coach of the men's basketball team, according to ESPN. An official press conference announcing Hardaway as the next head coach is scheduled for Tuesday.

Hardaway, who starred as a player at Memphis from 1991 to '93, has been in consideration for the job even before the team fired Tubby Smith last week. Smith led the Tigers to a 21-13 record this year, his second season as head coach, but the team did not make any postseason tournaments, and attendance has been down overall.

The hope now is that Hardaway will be able to lure top recruits to play for the University of Memphis, including some of the top-ranked players that he currently coaches at East High School and on the Team Penny AAU squad. According to ESPN, Hardaway has ties to some of the top players in the area, including top-ranked junior James Wiseman.

Hardaway, 46, 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. Additionally, Penny is also eyeing NBA veteran Mike Miller for a spot on his staff.