However, the school has not released an official statement yet, and other reports say that a deal has not been signed, sealed and delivered. There are still contract negotiations to work out.
ESPN's Jason King first broke the news Tuesday afternoon.
Brown, 71, is expected to make $1.75 million per year, according to several sources close to the program.
Also important in this news is that Illinois State head coach Tim Jankovich, a former Kansas assistant whose record with the Redbirds is 104-64, is expected to come in as the "coach-in-waiting." Brown is also reportedly looking into hiring Kentucky assistant Rod Strickland and former Illinois assistant Jerrance Howard.
Brown reportedly sought hiring advice from UK coach John Calipari and Creative Arts Agency agent William Wesley about his new SMU staff.
Brown visited SMU on Sunday and left with a good taste in his mouth.
Despite his age, the Hall of Famer could be good for a program that went 13-19 last season, and is in need of some major rebuilding before heading to the Big East in 2013.
Brown is the only coach to have ever won both a NCAA (Kansas, 1988) and NBA (Detroit, 2004) championship.
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