With rumors swirling that there was outside interest in ISU men’s basketball coach Fred Hoiberg, Iowa State inked its coach to a 10-year, $20 million contract Thursday night.

“When I returned to the university three seasons ago, it was a dream come true,” Hoiberg said in a news release. “The progress that we have made so far has been very rewarding, but there is more work ahead.”

Rumors had surfaced earlier in the day that Minnesota had made a strong push to draw Hoiberg away from Iowa State. Hoiberg signed an 8-year contract last May worth $1.5 million annually that was set to run through the 2019-20 season.

Following the team’s second consecutive trip to the NCAA tournament last week, Hoiberg drew interest from both college and NBA teams. Hoiberg met with ISU President Steven Leath and ISU Athletic Director Jamie Pollard on Thursday night, though, to finalize a new deal to remain at the helm of his alma mater.

Hoiberg’s new contract will run through 2023.

“I am very excited that we were able to put together a financial package that allows Fred to remain an integral part of our Cyclone family,” Pollard said in the release. “Nobody is better suited to be our head men’s basketball coach and we wanted to show he and his family, along with all Cyclone fans, that we are committed to keeping him in Ames for the long term.”

The move keeps Hoiberg in his hometown and will allow him to put rumors to rest and turn his focus to next season’s team, which will be without six seniors from this season’s tournament team.

“Ames is my home and Hilton Coliseum has given me countless memories as both a player and coach,” Hoiberg said. “I look forward to continue leading a program that Cyclone fans can be proud of.”

Iowa State announced that the full terms of the new contract will be available at a later date.