Terms of the deal were not immediately disclosed Thursday night.
Texas athletic director Steve Patterson flew Thursday to Chesterfield County (Va.) Airport, landing around 5 p.m., and then reportedly met with Smart. Smart held a meeting with his team Thursday at 10:00 p.m. at the Siegel Center. Players were seen leaving the meeting around 10:30 p.m., and were being escorted by school public relations staff, according to the Richmond Times-Dispatch.
The Associated Press reported earlier Thursday that Texas hoped to finalize a deal with Smart and announce him as their new head coach by Friday.
Utah's Larry Krystkowiak and Xavier's Chris Mack also reportedly had interest from the Longhorns, and Wichita State's Gregg Marshall was reportedly interested in the vacancy. Xavier signed Mack to a one-year extension through 2021, however, on Wednesday, while Marshall announced he would stay at Wichita State.
Smart was hired as coach of the Rams in 2009. He has a 163–56 career coaching record in six seasons and has made five straight NCAA tournaments. In his second year as a coach, he guided VCU to the 2011 Final Four.
The Rams went 26–10 this season and were a No. 7 seed in the NCAA tournament. They lost to Ohio State in the Round of 64.
The Longhorns went 20–14 this season, losing to Butler in the NCAA tournament's Round of 64.
- Molly Geary and Will Green