Oregon State University Athletics Director Bob De Carolis said the agreement in principle would take Robinson through the 2015-16 season.
Robinson came to Oregon State after leaving his head coaching position at Brown University following the 2007-08 season. He took on a struggling program that had just completed a 6-25 season, in the process becoming the first team in Pac-10 history to go 0-18 in conference play.
Since then, the Beavers have gone 31-33, taking the College Basketball Invitational tournament in a best-of-three series with UTEP in 2008-09. OSU is 13-15 this season with two games remaining on its schedule.
"This extension represents a mutual commitment to the future of Oregon State men's basketball," Robinson said. "We will continue to recruit the best student-athletes, invest in our facilities and build a successful team on and off the court. We have ambitious goals and look forward to returning the Oregon State basketball program to prominence."