As reported by Dick Vitale on ESPN, Lute Olson, long time coach of the Arizona Wildcats has decided to step down and retire. Olson has coached division 1 basketball for 34 years and recorded 780 wins, 27 NCAA tournament appearances (tied for 2nd all time), five Final Four appearances, a national championship in 1997, and was a 2002 basketball Hall of Fame inductee. This news comes just one day after Olson missed practice, something he almost never did.
Mike Dunlap will be the interim head coach while Arizona goes through an extensive search for their new coach.
UPDATE: ESPN now has it on their website.