Report: Memphis seriously considering Penny Hardaway as coach

Memphis is reportedly seriously considering firing head coach Tubby Smith and replacing him with Penny Hardaway, sources told CBS Sports' Gary Parrish. The former NBA All-Star is "actively preparing to be a college coach," multiple sources said.

Hardaway attended Memphis from 1991-93 before heading to the NBA, where the point guard played for 14 seasons and received three All-NBA nods before injuries derailed his career.

Smith, 66, is in his second season at Memphis and 27th as a college head coach. The Tigers finished the year 19-12 and take on South Florida in the first round of the AAC tournament on Thursday.

Hardaway is likely targeting legendary head coach Larry Brown to join his staff, a source told Parrish. Brown won an NCAA championship as head coach of Kansas in 1988 and captured an NBA championship as head coach of the Detroit Pistons in 2004. He remains the only coach to win both titles.