The reports said Dempsey has agreed to replace Mark Macon as the next head coach of the Bearcats.
Macon was fired April 30 after he spent four years at Binghamton and compiled a 24-68 record in three seasons as head coach.
Dempsey has gone 119-105 since being named Rider's head coach in 2005. He will inherit a program that is still trying to escape a successful, but scandal-ridden tenure under Macon's predecessor, Kevin Broadus.
Broadus was suspended for recruiting violations in October 2009 and eventually let go. Six players were dismissed from that team, some for committing criminal acts, as the university was criticized for compromising academics for athletic success.
The Bearcats took the America East Conference title and won the conference tournament to earn their first berth in the NCAA tournament in March 2009.
The fall from that championship season was swift and deep as the school hit rock bottom.
The Bearcats lost their first 26 games this past season before shedding the dubious distinction of being the only winless team in Division I. They upset Vermont 57-53 at home in late February to snap a 27-game skid and finished 2-29, the worst record in program history.
Binghamton had not won a game since March 3, 2011, a 91-65 triumph over Maryland-Baltimore County in the first round of the America East tournament. Binghamton lost to Vermont 57-46 in the next round -- the Bearcats' final game of 2010-11 -- and the skid began.
Freshman forward Ben Dickinson, the team's second-leading scorer (13.5) and leading rebounder (6.1) last season, and freshman guard Chris Longoria already have said they intend to transfer, the Press & Sun-Bulletin of Binghamton reported after Macon was fired.
Information from The Associated Press contributed to this report.