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COLUMBIA -- Speculation over whether Mizzou's Head Men's Basketball Coach Mike Anderson would stay seems to be over.

Anderson has agreed "in principle" to a new seven-year contract, according to a news release sent out late Tuesday by the university's athletics department.

"I am excited to remain here at Missouri," Anderson said in a statement. "We are looking forward to the future of this program and can't wait to continue building on the success of this past season."

Anderson will get a pay raise to stay in Columbia but he could have made a lot more at Georgia. Details aren't being released but the deal's expected to be worth around $1.3 and $1.5 million a season.

A bidding war for Anderson began when Georgia offered him $2.1 million a season. A Memphis offer probably would have been even more. With the coaching change at Memphis - John Calipari left to take the Kentucky job late Tuesday afternoon - Anderson was at the top of Memphis' list.

"We are excited Coach Anderson is going to be at the University of Missouri for a long time," wrote Mike Alden, Missouri's Director of Athletics. "He's done a tremendous job rebuilding our basketball tradition and is poised to lead our program to new heights in the coming years."

After leading the Tigers to a record 31-win season and an appearance in the Elite Eight, Anderson will return to the Tigers.

The deal will keep him with the university through the 2015-16 season.