University of Memphis men’s basketball coach John Calipari will accept the head coaching job at the University of Kentucky, according to Memphis television report.

Calipari officially began discussions for the open coaching job at the University of Kentucky Monday in what proved to be a full day of fast-paced speculation. UK fired coach Billy Gillispie last week after just two seasons with the Wildcats.

Kentucky is reportedly offering Calipari $35 million for an eight-year contract, according to ESPN.com. That package would make him the sport's highest paid coach. He currently earns $2.5 million a year in Memphis.