Sources: Kevin Ollie agrees to extension to stay at UConn

FILE - In this March 28, 2014 file photo, Connecticut coach Kevin Ollie shouts instructions during the first half in a regional semifinal against Iowa State in the NCAA men's college basketball tournament in New York. Ollie is listening to job offers, but isn't looking to leave Connecticut. The 41-year-old coach, who spent 13 years as an NBA journeyman before returning to his alma mater, has been linked to several NBA job openings. (AP Photo/Frank Franklin II, File)

No longer considering himself a candidate for NBA coaching jobs, University of Connecticut coach Kevin Ollie has agreed in principle to a $3 million-plus annual contract extension, sources told Yahoo Sports on Monday.

The deal could be worth more than $15 million over a five-year term, sources said.

The contract still needs to be finalized and signed, a source said. It will more than double his previous salary.

After leading UConn to a national title in April, Ollie became one of the hottest coaching commodities in the sport. Several NBA teams expressed interest in him, but the Cleveland Cavaliers were the most aggressive suitor, league sources said.

While the Los Angeles Lakers were intrigued with Ollie, the organization never formally reached out to him, a source told Yahoo Sports.

Ollie's NBA pedigree made him an especially attractive candidate. He played in the NBA for 13 years, finishing out his career in Oklahoma City where he earned immense respect from superstar Kevin Durant and general manager Sam Presti.

After winning 20 games in his first season as coach at UConn in 2012-13 – burdened with a postseason ban for failures under his predecessor, Jim Calhoun – UConn made a march to a national title victory over Kentucky. Ollie is a favored son at UConn, a popular former player turned championship coach who has a strong bond to the state and university.