Kentucky coach John Calipari and the Cleveland Cavaliers discussed a seven-year, $60 million-plus contract, according to Yahoo Sports.
The proposed deal would have made Calipari the president and coach, giving him having final say over roster moves over general manager David Griffin.
Calipari ended up returning to Kentucky after receiving a new seven-year, $52.5 million contract loaded with annual retention bonuses to reward his loyalty to the program.
Cavs owner Dan Gilbert reportedly persisted in offering Calipari a deal that would have paid him about $8 million-plus per year but he eventually turned down the offer to go back to Kentucky.
It is believed that Calipari would have taken the Cavaliers' offer if Kentucky guards, twin brothers Andrew and Aaron Harrison, ended up turning pro.
Calipari last coached in the NBA in 2000 with the New Jersey Nets.
The Cavaliers have also reportedly pursued Michigan State's Tom Izzo and Florida's Billy Donovan. Cleveland has interviewed Los Angeles Clippers assistant coaches Alvin Gentry and Tyronn Lue, former Memphis Grizzlies coach Lionel Hollins and Chicago Bulls assistant Adrian Griffin.