Athletic Director Gerald Myers revealed the tentative pact that would tie Knight to the Red Raiders until May 2009, The Dallas Morning News said. His current deal expires in 2006.
Myers told the newspaper the extension had been under discussion and was not related to talk that Knight might jump to Ohio State where coach Jim O'Brien was fired. He said Ohio state had not contacted him about talking to Knight.
Knight is out of the country on a fishing trip.
Myers declined to discuss any details of the extension because it has not been signed.
"He's talked about finishing up here at Tech, but it's not like we've sat down and mapped it out," said Myers, a longtime friend of Knight. "I think he'll coach awhile longer because he's a good coach, still has the energy and he enjoys it. I don't think he'll retire anytime soon."
Myers also said women's basketball coach Marsha Sharp also agreed to a contract extension.