Manning is currently an assistant on the Kansas staff and the Jayhawks have advanced to the Final Four in New Orleans this weekend so he won't be formally introduced until next week.
"I'm excited and looking forward to being the head basketball coach at the University of Tulsa," Manning said in a release from the school.
"I want to thank President [Steadman] Upham, [Athletic Director] Ross [Parmley] and the search committee for allowing me this tremendous opportunity to coach at a university with a fine basketball tradition."
Manning thanked Kansas Coach Bill Self "for giving me the chance to be a part of his staff for the past nine years."
Self previously coached at Tulsa.
Manning holds Kansas records for points (2,951) and rebounds (1,187) during a career in which the Jayhawks twice played in the Final Four, including the 1988 championship. He averaged 14.0 points a game over a 15-year NBA career.
Manning replaces Doug Wojcik, who was fired after the Golden Hurricane finished last season 17-14. Wojcik set the school record for coaching victories (140) in his seven seasons at Tulsa.