Shaka Smart said his decision to continue coaching at Virginia Commonwealth "came down to the fact that I love it at VCU."

Smart turned down an offer from Illinois that reportedly was worth about $2.5 million per year.

"My family is really, really happy in the city of Richmond," Smart said. "We have a great group of guys. We have some of the best fans in the country. It's just a great situation.

"A coach told me a long time ago, don't run away from happiness, and that's what we have at VCU."

Shaka Smart has turned down a $2.5 million annual offer to become the next head coach of Illinois.

Smart will remain at Virginia Commonwealth.

“I’m looking forward to building on the successes of our program and university,” Smart said in a statement released by VCU Wednesday afternoon.

Illinois fired Bruce Weber after nine years and a trip to the 2005 National Championship.

VCU coach Shaka Smart turned down Illinois' offer to become its basketball coach, according to the Chicago Sun-Times.

Smart, 34, had been Illinois' top choice to replace Bruce Weber, who was fired March 9.

The Sun-Times cited multiple anonymous sources saying Smart informed Illinois AD Mike Thomas of his decision.

Shaka Smart is seriously considering an offer from Illinois worth about $2.5 million a year, according to a report.

Smart last year signed an 8-year deal to coach Virginia Commonwealth.

The Rams went 29-7 this season and advanced to the third round of the NCAA tournament.

Virginia Commonwealth upset top-seeded Drexel in the title game of the Colonial Athletic Association by a final score of 59-56 to receive an automatic bid to the Tournament. VCU reached the 2011 Final Four.

Darius Theus was named Tournament Most Outstanding Player and was joined on the All-Tournament Team by teammates Bradford Burgess and Rob Brandenberg, Frantz Massenat and Damion Lee of Drexel, and Mike Morrison of George Mason.

Ryan Pearson of George Mason has been named the 2012 Colonial Athletic Association Player of the Year. Pearson averaged 17.6 points and 8.5 rebounds.

Pearson was joined on the All-CAA First Team by Old Dominion's Kent Bazemore, Bradford Burgess of VCU, Drexel's Frantz Massenat and Keith Rendleman of UNC-Wilmington.

On the All-CAA Second Team are Delaware's Jamelle Hagins and Devon Saddler, Mike Moore of Hofstra, Samme Givens of Drexel and Chris Cooper of Old Dominion.

On the All-CAA Third Team are Jihad Ali and Eric Buckner of Georgia State, VCU's Juvonte Reddic and Darius Theus, Northeastern's Jonathan Lee and James Madison's Anthony Hitchens.

Bazemore was named the Defensive Player of the Year and Damion Lee of Drexel was Rookie of the Year.

Joining Bazemore on the All-Defensive Team are Hagins, Buckner, Towson's Robert Nwankwo and VCU's Briante Weber.

Appearing on the All-Rookie Team with Lee are Northeastern's Quincy Ford, Adam Smith of UNC-Wilmington, Marcus Thornton of William & Mary and Jarvis Threatt of Delaware.