An agreement is expected to be concluded shortly.
Smart, a native of Wisconsin, was the Texas head coach for six seasons. The Longhorns have gone to three NCAA tournaments under Smart but have yet to win an NCAA tournament game with him at the helm. They won the Big 12 tournament earlier this month, but were later upset by 14-seeded Abilene Christian in the first round of the NCAA tournament.
Smart has been in the hot seat in Austin for two years, but the pandemic likely saved him after the 2019-20 season. His buyout after this season for Texas was said to have been around $ 7 million.
Prior to taking over in Texas, Smart was the head coach of VCU, leading the Rams to five consecutive NCAA tournament appearances – including a Final Four round in 2011.
Smart would replace Steve Wojciechowski, who was sacked last week after seven seasons with the Golden Eagles.
Among Texas’ main targets is expected Texas Tech coach Chris Beard, who went to Texas and was a student assistant for the Longhorns under Tom Penders. His buyout to go to another Big 12 school drops to $ 4 million on Thursday, sources told ESPN.