Stan Heath was fired on Monday afternoon after leading Arkansas to consecutive 20-win seasons and a berth in the NCAA tournament this season, according to sources close to the Razorbacks program.

Heath was informed by Arkansas athletic director Frank Broyles just hours ago and will receive a settlement in the vicinity of $1 million.

According to the same sources, Heath will likely be replaced by Texas A&M coach Billy Gillispie. One source even maintained that Gillispie has agreed in principle and could be introduced as soon as Monday.