Update: Story by H-L.
The Memphis Commercial Appeal is reporting that John Calipari is indeed leaving Memphis to become the head coach at Kentucky.
Lead:
After nearly a full day of reflection and struggle, John Calipari decided today to accept the head coaching job at Kentucky and leave the University of Memphis after nine seasons, according to a source close to Calipari.
University of Memphis basketball coach John Calipari resigned and will take the head coaching position at the University of Kentucky.A news conference to introduce Calipari as the new Kentucky coach will take place Wednesday in Lexington, Ky.

There are two private or chartered flights from Memphis scheduled to land at Bluegrass Airport now.
http://flightaware.com/live/airport/KMEM
Pretty high praise from Greg Doyel at cbssports.com
http://www.cbssports.com/collegebasketball/story/11573816
How is this any different from all the other premature reports that he is taking the job? I wish they would just have a press conference already!
Oneis for Coach Cal. The other is for all the Memphis television stations news crews. There “Coach Cal Watch” reality show has been a ratings hit so they do not want to give it up. Look for cameras to set up to watch the doors of the Craft Center.
Hey John,
You think if I went to airport I’d be able to greet Coach Cal.
I think UK has said all along, ‘No contract, no announcement.’ If they get the contract signed tonite, there may be an announcement tonite.
I hear no press conference tonight.
Amanda:
It’s different because his plane is now on it’s way to Lexington.
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Wow! What a story by Greg Doyle!
Our long national nightmare if finally over…welcome Coach Cal!
Mark Liptak
Neither of those flights have taken off and are now a couple of hours behind their scheduled time–doesn’t really mean anything as they go when the passengers want them to go, but thought it was interesting
Flight is listed as delayed.