The Shockers' season ended on Thursday night when they fell to Notre Dame in the Sweet 16.
Forbes just completed his second year as an assistant at Wichita State after previously serving as the head coach at junior college NorthwestFlorida State.
Forbes will take over for Murry Bartow, who was fired earlier this month after leading the Buccaneers to a 224-165 record over 12 seasons.
There are tentative plans to introduce Forbes as East Tennessee State's next coach on Monday, according to the report.
- Chris Johnson