The CBS affiliate broke the news after cutting into a regularly scheduled program.
Calipari had been pursued the past couple of days by NC State, as the Wolfpack turned their attention to him after Texas head coach Rick Barnes signed an extension with the Longhorns.
Calipari met with NC State officials Sunday afternoon and visited Raleigh late Monday night to tour the facilities, but he decided to remain the head coach at Memphis on Tuesday. Terms of his deal were not yet disclosed.
Memphis is 148-59 under Calipari and reached the Oakland Regional final of the NCAA tournament last month before losing to UCLA. Previously he served as head coach at the University of Memphis and of the NBA's New Jersey Nets.
NC State athletics director Lee Fowler and his search committee will now resume their quest to hire a men's basketball coach. Potential candidates include Jay Wright (Villanova), John Brady (LSU), Billy Gillispie (Texas A&M), Frank Haith (Miami), and Gregg Marshall (Winthrop).