(Globe) – University of Connecticut men’s basketball coach Jim Calhoun will announce his retirement Thursday at a 2 p.m. press conference, a source tells CBS Sports college basketball reporter Jeff Goodman. The story was first reported by Kevin Nathan, a reporter for Connecticut’s NBC affiliate. Former UConn player and current assistant Kevin Ollie will be named interim head coach with a chance to earn the job full time, a source tells Kevin Duffy of the Connecticut Post. The 70-year-old Calhoun has won three national championships, most recently in 2011. Health problems have plagued the coach in recent years, and UConn faces a postseason ban this season for failing to maintain an NCAA academic requirement. Calhoun won more than 600 games at UConn. He was elected to the Basketball Hall of Fame in 2005.

Hey when you got the NCAA breathing down your neck with all kinds of sanctions for next year there’s no better time to walk away than the present. Not bad to go out as the guy who won more than 600 games, 4 Big East coach of the year and 3 national championships. Not a dime back!