Michigan was set to interview Cooley after John Beilein took the head coach position with the Cavaliers.
Providence head coach Ed Cooley has signed a "multi-year contract extension" with the Friars on Tuesday, the school confirmed.
Cooley was rumored to be a potential replacement for John Beilein at Michigan after Beilein accepted the head coach vacancy with the Cleveland Cavaliers. Cooley was reportedly slated to interview with Michigan athletic director Ward Manuel, but pulled his name from consideration on Tuesday.
"While it's very flattering to be considered for other head coaching jobs, after talking with my family I have decided to remain in my hometown of Providence," Cooley said in a team statement. "The Friars are my family. Most importantly, my commitment is to my players and my team at Providence."
Cooley is 162–110 in eight seasons with the Friars. Providence reached the NCAA tournament each year from 2014-18 – including a first-round victory in 2016 – but finished outside the tournament bubble last season at 18–16, 7–11 Big East.
Providence hired Cooley in 2011. Cooley previously spent five seasons with Fairfield, winning the MAAC regular-season title in 2010-11.
Providence has won not reached the tournament's second weekend since 1997 when God Shamgod led the Friars to the Elite 8.