Per Adam Zagoria:
UConn will hold a press conference at 10:45 Friday morning to announce a contract extension for head coach Jim Calhoun.
His current contract pays him more than $1.6 million per season and expires in June.
The new five-year contract will be retroactive for one year at a new salary of about $1 million more annually, a source close to Calhoun said. He will have four more years running through the 2013-14 season.
"I feel very comfortable signing a new contract and I think the university feels very comfortable signing a new contract," Calhoun recently told The Wall Street Journal.
Calhoun, who turns 68 on Monday, has been coach at the Big East school since 1986.
He is 572-220 at UConn, winning national championships in 1999 and 2004.