Price, 51, is currently an assistant coach in the NBA with the Charlotte Hornets. He was a standout at Georgia Tech from 1982 to 1986 and played 12 years in the NBA, where he was a four-time All-Star.
Sources told ESPN on Tuesday that Price was offered a five-year deal.
Price will replace Alan Major, who parted ways with the school last week after five seasons in which he took two medical leaves of absence. Major was 67-70 personally, and the school was 75-81 in his time at the school.