Penny Hardaway will reportedly get his first college coaching gig at the University of Memphis, where he starred as a player from 1991 to '93. 

According to CBS Sports' college basketball insider Jon Rothstein, "barring anything unforeseen," Penny is expected to be named the next head coach of the Memphis Tigers and they are currently working out contract details. The Tigers fired head coach Tubby Smith earlier this week after leading Memphis to a 21-13 record this season.

"I appreciate the opportunity to have led the University of Memphis basketball program for the last two years," Smith said in a statement posted to Twitter on Wednesday night. "I'm proud of the work my staff and I have done to serve the players, the school and the community in leading us to a 21-13 season this year. After 39 years in college coaching, I know that change happens and I wish the University and the team the best as they pursue a different direction. As a lifelong competitor I believe the game never ends and I'll be exploring my next move on and off the court in the coming weeks."

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. Hardaway 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.