VCU basketball coach Shaka Smart has reached an agreement in principle to become the next coach at Texas, a source told CBSSports.com on Thursday.

A formal announcement is expected soon.

Smart accepted the job after meeting with Texas AD Steve Patterson in Richmond, Va.

Smart took VCU to new heights the past six seasons -- most notably the 2011 Final Four. The 37-year-old averaged 27.2 wins per year in Richmond while making the past five NCAA Tournaments. He won the 2015 Atlantic 10 tournament.

Smart is replacing Rick Barnes at Texas.

Barnes was essentially forced out earlier this week.

He's now the head coach of the Tennessee Volunteers.

Sources told CBSSports.com that the opening at Texas was far more appealing than any other opportunity Smart passed on during his time at VCU. Since 2011, the Wisconsin native turned down the opportunity to be the head coach at UCLA, Southern California, North Carolina State, Maryland, Marquette, Illinois and Wake Forest.

"Texas was different," one source told CBSSports.com. "Shaka wanted this one."

The chance to coach at a football school with unlimited resources in a Power 5 conference was simply too much for Smart to turn down, sources said. He inherits a team that went 20-14 this season and lost to Butler in the Round of 64 of the NCAA Tournament.