Jim Calhoun will announce his retirement on Thursday, with Kevin Ollie replacing him as head coach of Connecticut, according to sources.

Calhoun had two seasons remaining on his contract.

Connecticut has been ruled ineligible for the 2013 NCAA Tournament due to poor APR scores.

Terms of Calhoun's exit and Ollie's agreement to become head coach have yet to be finalized.

Yahoo's Adrian Wojnarowski reports that Ollie was a candidate to become a coach or front office executive in the NBA upon his retirement.