Updated

Pittsburgh head men's basketball coach Jamie Dixon will remain at the university for next season and beyond after reaching agreement on a 10-year contract extension through 2022-23 on Saturday.

Dixon, a Southern California native, was considered to be a leading target of USC to fill its vacant head coaching position.

"Pitt and Pittsburgh are home," Dixon said in a release. "My family and I feel blessed to be part of such a great institution and wonderful city. It is the people who truly make a place special. I could not be surrounded by better players, staff and administration. These aren't just people I work for and with every day. They're friends and I'm very thankful for that.

"I would like to express special appreciation to our leadership team of chancellor Mark Nordenberg, athletic director Steve Pederson and executive vice chancellor Jerry Cochran. Their guidance and friendship have been invaluable. I greatly appreciate the faith and support they have always shown me since my arrival at Pitt."

Dixon guided the Panthers to the NCAA Tournament for the ninth time during his 10 years at the helm of the program this past season, though the Panthers were eliminated by Wichita State in Thursday's second round. The 47-year-old has compiled a 262-86 overall record at Pitt, with his .753 winning percentage the highest of any coach in school history.

"Very few programs can match the sustained success that Pitt basketball has achieved during the past decade under Jamie Dixon," Pederson said. "As we move forward as a member of the Atlantic Coast Conference, our future has never been brighter or provided more opportunity. In order to maintain and build upon our past success, it was important to our university and athletic department that we make a strong long-term commitment to Jamie. He has been far more than a basketball coach at Pitt and we are fortunate to have such a high-caliber person representing our university."

Pittsburgh finished with a 24-9 overall record this past season along with a 12-6 mark in its final go-around in the Big East Conference. The Panthers will join the ACC on July 1.