Pitino, who will be 64 when his deal expires, told reporters his age is a consideration in his future plans, The (Louisville, Ky.) Courier-Journal reported.
"One thing I do because of my age is that I really don't look ahead," he said. "For years I have been preaching the precious present.
"When you're 59, you're realistic that you don't have a whole lot of years left," he added. "My contract is going to run out in 2017. I'm not coaching any more after that. I just enjoy exactly where I'm at."
Louisville Athletic Director Tom Jurich told the newspaper he'd do whatever he could to get Pitino to "change his mind."
"He's a very young guy. He's got a lot of fuel left in that tank," Jurich said.