The Bulldogs fired Ray last month after three seasons with the school. Mississippi State finished 13-19 during the 2014-15 season and 6-12 in SEC. The Bulldogs have not reached the NCAA tournament since the 2008-09 season.
On Mar. 23, the school hired former UCLA head coach Ben Howland to replace Ray.
Ray had two years remaining on his Mississippi State contract, but the approximately $1 million owed to him annually was not guaranteed.
The Bulldogs expect to return several starting players, including second-team All-SEC selection Craig Sword.
Ray came to Mississippi State as a Clemson assistant after the 2011-12 season and replaced former Bulldogs coach Rick Stansbury.
Ray will replace former Southeast Missouri coach Dickey Nutt, who led the team for six seasons before being relieved of his duties last month.
- Will Green