Price played 12 seasons in the NBA and was a four-time All-Star. He has been an assistant with the Hornets since 2013 and has also been an assistant on the staffs of the Atlanta Hawks, Golden State Warriors and Orlando Magic.
ESPN reported on Tuesday that Price was offered a five-year deal.
Price replaces Alan Major, who parted ways with the school on March 16. He compiled a 67-70 record, failing to guide the 49ers to the NCAA tournament in any of his five seasons with the team.
Charlotte hasn't been to the NCAA tournament since 2005.
- Scooby Axson