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(AP) - Iowa State coach Fred Hoiberg intends to stay with the Cyclones.

The university says Tuesday that the Ames native and former ISU and NBA player has agreed to an eight-year contract worth an average of $1.5 million a year.

ISU says terms of the contract will be released at a later date.

Hoiberg, who took his first coaching job at any level just two years ago, was named the Big 12's co-Coach of the Year in March and took his Cyclones to the NCAA tournament for the time in seven years.

Hoiberg says in a statement that returning the Ames has been "much more than expected" for his family and he's "thrilled" to have the chance to continue coaching at Iowa State.

(Copyright 2012 by The Associated Press. All Rights Reserved.)