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Pastner, who just finished his fourth season at Memphis after replacing John Calipari in 2009, was in Year 1 of a new five-year contract. He said this new deal is very fair and is still being worked on. It would be a minimum of a new five-year contract.
Pastner was high on USC's list of candidates for its coaching vacancy, according to sources.
Pastner's old deal had incentive clauses as it relates to Conference USA, but this new deal will reflect the change to the conference formerly known as the Big East, with headline teams UConn and Cincinnati.
Pastner won his first NCAA tournament game this season but lost in the round of 32 to Michigan State.
He was named coach of the year in C-USA after running the table in the regular season and conference tournament.
"No one has offered me another job," Pastner said. "I'm the coach at Memphis and that's where my focus has been."