Lawrence, KS -- (Sports Network) - Bill Self will remain as Kansas' head basketball coach, ending speculation he would depart for the vacant job at Oklahoma State.

Self, 45, announced his decision at a news conference Thursday after meeting with athletics director Lew Perkins to discuss his contract.

"This is a situation that has created much thought; it's been one that has allowed my family to reflect upon what we think is important at this moment in our lives," said Self. "We are at peace with what we feel is best and what we feel is best is being here."

Self's contract with KU had been set to run through the 2011 season, but during the news conference he alluded to receiving a lucrative extension.

With incentives reached this season, including $200,000 for winning the national championship, Self has earned $1.75 million.

The Jayhawks won the national title Monday with a 75-68 overtime victory against Memphis. The win brought Self's record to 142-32 in five seasons at Kansas, including four Big 12 Conference titles.

Self was heavily recruited by Oklahoma State, but told OSU officials he's not interested in returning to his alma mater.

"There was never serious interest on our part in leaving the University of Kansas, but there was serious interest in listening and hopefully helping Oklahoma State University in a way that would put their basketball program in a position that they want it to be in," Self added. "We did that last night, visited and slept on it and came to the conclusion that I felt all along - the time is right for my family to be in Lawrence, Kansas, and to lead this program, hopefully, to bigger and better things in the future."