Iona coach Rick Pitino met with administrators at St. John's on Sunday, and an offer was extended for Pitino to be the next coach of the Red Storm, sources told CBS Sports. Pitino is currently mulling the significant contract proposal. 

The 70-year-old Pitino went 64-22 the past three seasons at Iona, twice taking the Gaels to the NCAA Tournament as well as winning the past two regular-season MAAC titles.

St. John's is banking on the 70-year-old Pitino to accept its offer, which would return him to Madison Square Garden, a place he coached in the 1980s with the New York Knicks. St. John's last won an NCAA Tournament game in 2000.    

In February, Pitino told CBS Sports, "If I wanted to leave, it would be a job that I thought could get to a Final Four. It would be a great place where I want to live, but I don't see it happening. I don't see it happening. I'm really tied into these kids."

Subsequent to that interview, Iona went on to stroll through the rest of the regular season and win the MAAC's regular season and postseason titles. The Gaels lost on Friday to No. 4 seed UConn in the first round of the NCAA Tournament.