Riley has led the Sooners to a 24–4 record in his first two seasons as head coach.
Oklahoma has agreed to a contract extension with head coach Lincoln Riley, the school announced Tuesday.
The terms of the deal are being finalized and are subject to approval by the Oklahoma University Board of Regents. A meeting is scheduled to take place later this month.
In June, it was reported that Riley received a raise and five-year contract extension through 2023 that paid him roughly $5 million annually.
Riley spent two seasons as the Sooners offensive coordinator before earning a promotion to head coach, replacing Bob Stoops ahead of the 2017 season.
In two seasons, Riley has led Oklahoma to a 24–4 record, including a 16–2 mark in Big 12 play. The Sooners have won back-to-back Big 12 conference titles and have reached the College Football Playoff semifinals in each of Riley's seasons as head coach.
Since last summer, Riley had been considered to be a highly-coveted NFL coaching candidate. Ahead of Oklahoma announcing his extension, however, Riley told reporters that he intended to remain at Norman, Okla., for the foreseeable future.
"We're obviously appreciative of what's already been accomplished in such a short time, but strengthening our relationship with Lincoln is also important as we collectively focus on the larger goals of our program," Oklahoma athletic director Joe Castiglione said in a statement. "He has proven to be one of the most innovative minds in the game today as well as a very successful leader for his student-athletes.
"His remarkable ascent as one of the most outstanding football coaches in America is grounded in creating the right environment for developing the best growth opportunities for all of his players."