The university says it will announce a change in the head coaching position of the mens basketball program at a 4:30 p.m. news conference.
University president Lee T. Todd Jr. and athletic director Mitch Barnhart are expected to attend.
Gillispie was in his second year as coach of the Wildcats, whose season ended Wednesday with a loss to Notre Dame in the National Invitation Tournament quarterfinals.
Gillispie is 40-27. He agreed to a seven-year deal that pays him a base annual salary of $2.3 million.