The contract is for five years, sources said Monday.
Antigua has been at Kentucky since 2009 and also was an assistant under Wildcats coach John Calipari at Memphis in 2008.
He previously spent five seasons as an assistant at his alma mater, the University of Pittsburgh.
After his collegiate career at Pitt, Antigua played seven seasons with the Harlem Globetrotters.
Antigua was one of at least four candidates who were involved in the process to replace former South Florida coach Stan Heath.
Last week, USF reached an agreement with Manhattan coach Steve Masiello -- a five-year deal worth nearly $6 million -- but parted ways with him after it was discovered that Masiello did not earn a degree from the University of Kentucky, as was stated on his résumé.
On Friday, USF athletic director Mark Harlan met with UNLV coach Dave Rice, sources told ESPN. But Rice got a new deal at UNLV and opted to stay at his alma mater.
Arizona State associate head coach Eric Musselman also was a serious candidate for the USF opening, ESPN's Jeff Goodman reported.
South Florida, a member of the American Athletic Conference, finished 12-20 last season, losing its last nine games. The Bulls were 3-15 in the AAC.