The Lakers had dangled a $70 million offer in front of the 51-year-old Hurley, which sent him to Los Angeles last week to meet with team brass, news sources reported.
The offer would have made Hurley one of the NBA's highest-paid coaches, said Adrian Wojnarowski of ESPN on X.
It would have also allowed him to work with the game's elite, such as LeBron James.
After returning from his meeting, Hurley took the weekend to decide and reportedly attended a Billy Joel concert at Madison Square Garden to help.
Word is that UConn will terminate his six-year, $31.5 million contract signed last year and offer him an even more attractive one.
Hurley is 141-58 in six seasons at UConn and holds an NCAA tournament record of 12 double-digit victories.
He is expected to attend UConn's beginning practice on Monday, June 10.
This continues to be a developing story. Check back to Daily Voice for updates.
Click here to follow Daily Voice Haverstraw and receive free news updates.