Saint Joseph's coach Phil Martelli will receive a new seven-year contract, Martelli told ESPN.com Thursday.
A 3:30 p.m. ET news conference was set for later Thursday.
Financial terms of the deal weren't released and Saint Joseph's, as a private school, doesn't make the numbers public.
The school ripped up the final two seasons of Martelli's contract to give him a new deal that will keep the native Philadelphian at the school through the 2009-10 season.
Martelli, who is 149-87 in eight seasons at Saint Joseph's, started his head coaching career with the Hawks. He's 3-3 in the NCAA Tournament. Saint Joseph's is the favorite to win the Atlantic 10 and is expected to be a preseason top-15 team this season.
Andy Katz is a senior writer for ESPN.com.