The Louisville Courier-Journal reported Wednesday that Pitino's new deal will pay him a base salary of $2.5 million a season. He is also to receive a "loyalty bonus" of $3.6 million, a payout the school moved from July to Thursday.
Pitino, 57, is 220-86 over nine seasons with Louisville. The Cardinals were 20-13 this season, losing in the first round of the NCAA tournament. It was the eighth consecutive year Louisville won at least 20 games.
He's also taken the team to the Final Four in 2005 and Elite Eight in 2008 and 2009.
Pitino told the Courier-Journal, "I'm delighted that I'm going to end my career at the University of Louisville."
Pitino is the only coach to have taken three teams to the Final Four, doing so at Providence and Kentucky in addition to Louisville. He's been a head college coach for 24 seasons, amassing a 568-199 record. He also coached the NBA's New York Knicks and Boston Celtics for a total of six seasons.