The Lubbock Avalanche-Journal first reported that Knight was retiring after he met Monday with Texas Tech Athletic Director Gerald Myers. Knight's son, Pat, in his seventh season as an assistant at Texas Tech, will take over as the head coach.
Knight, 67, has 902 career victories and 371 losses over 42 seasons as a college coach. The Red Raiders are 12-8 this season, Knight's seventh at Texas Tech. This past September, he signed a three-year contract extension that would have taken him through the 2011-12 season.
The Avalanche-Journal reports Bob Knight said he had thought about retiring after this season. However, he decided Sunday he believed now was the best time to have his son take over the program.
"My thinking was that for Pat and for this team -- most of which is returning next year -- the best thing for the long run for this team would be for Pat and his staff to coach these remaining 10 games," Knight told the Avalanche- Journal.
The elder Knight went into the Basketball Hall of Fame in 1991, He won three NCAA titles in his 29 seasons (1971-2000) at Indiana and also spent six years (1965-71) at Army. He finished his career with 28 trips to the NCAA Tournament, three NCAA championships and an NIT title.