"I have never been more excited to be a Trojan," Floyd stated.
Floyd met with Arizona officials on Wednesday but said after meeting with his family and the USC players, he wanted to stay in Los Angeles and continue to build a strong basketball tradition at USC.
"I'm so glad that I went because what it did was reinforce to me what a special situation that I have at the University of Southern California," he said.
Floyd also spoke with officials from Memphis about their job opening Thursday morning.
"It has been an interesting day and a half for me," he said. "I just wanted to say that I did go over to the University of Arizona, and I did have a conversation on the phone with the University of Memphis.
"At the age of 55, if I was ever going to look I would look now. I listened and heard what they had to say and they are going to attract a fabulous coach at both of those schools."
Several of the USC players attended the press conference and said they were pleased to see Floyd stay at USC.
"He just made a loud statement," Taj Gibson said. "For the second time in a row a bunch of good universities contacted him, and he turned them away because he loves USC, and he feels we have something special here."
Freshman guard DeMar DeRozan said Floyd staying would have an impact on whether he will return for his sophomore season or enter the NBA Draft.
"I came here to play for Tim Floyd. He recruited me and I played for him this past year and learned a lot from him," DeRozan said. "Definitely, that's a big part of it."
Floyd led the Trojans to a school record third-straight NCAA Tournament appearance this past season.
Tim Floyd announced that he will remain the head man at USC.
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