Billy Gillispie out as Kentucky Wildcats basketball coach

LEXINGTON, Ken. (KAIT) - The University of Kentucky announced that it will not retain Billy Gillispie as the head coach of the men's basketball program.

Barnhart and University of Kentucky President Lee T. Todd, Jr. announced the decision at a news conference at 4:30 p.m. Friday inside the Memorial Coliseum media room. Barnhart and Todd informed the media that they will begin an immediate coaching search for the next men's basketball coach at UK.

Gillispie was in his second year as coach of the Wildcats, whose season ended Wednesday with a loss to Notre Dame in the National Invitation Tournament quarterfinals.

Gillispie is 40-27. He agreed to a 7-year deal that pays him a base annual salary of $2.3 million

Rumored possible replacements include Florida coach Billy Donovan, Memphis coach John Calipari, and Oklahoma State coach Travis Ford.