Pitino, who guided the Cardinals to the school's third national title this past season, was part of a news conference on Tuesday to announce the details.
Northwestern Mutual purchased the floor from the NCAA for the second year in a row and donated it to the University of Louisville.
The center court portion of the floor – which will measure 24 feet by 28 feet – will hang in the lobby of the KFC Yum Center for fans to see. That portion – once framed the way it's needed to hang – will weigh 6,000 pounds.
There is also a replica of that portion that will travel around the area for fans to take photos with at certain events. The rest of the floor will be cut up and offered as souvenirs for U of L fans.
"We're just excited to be part of this because it's for such a great cause," Pitino said during the news conference.
The portions of the floor for the fans will be sold in three different sizes with the largest being 1,000 pieces of the floor signed by Pitino. The smallest piece of the floor will retail for under $100.
Prices and details on the availability will be announced later but all proceeds will benefit pediatric cancer research at Kosair Children's Hospital.
Pitino said signing 1,000 is "easy" compared to the Marker's Mark bottles he has been signing since they sold in early June.
The Cardinals won the school's third national title in April with a win over Wichita State in the semifinals and Michigan in the title game. The floor is the original one with the Final Four logo from the Georgia Dome.