AUBURN, Alabama — Auburn coach Gus Malzahn is staying at Auburn, a source familiar with the situation tells Auburn Undercover.

Malzahn has agreed to a deal that will keep him at Auburn after overtures from Arkansas included a deal worth north of $7 million. The numbers in the new contract at Auburn are not yet clear, but the deal is expected to stretch seven years and include a raise, the source said. Auburn's buyout was a point of contention during the negotiation process and more guaranteed money has been promised to Malzahn should he be fired before the end of the new deal.

UPDATE (6:05 p.m.): The deal is structured with raises every year of the contract, with it reaching more than $7 million per year near the end of the contract, according to a source.

UPDATE (7:18 p.m.): The seven-year deal is worth a total of $49 million, according to a person familiar with the contract. was the first to report the financial details.

The agreement was reached Sunday afternoon.

UPDATE (8:58 p.m.): Auburn University confirmed Sunday the two sides "agreed to the broad outlines of a new contract extending his leadership of the Tigers," according to a university spokesperson.

“Strength and stability go hand-in-hand, and we have both in coach Malzahn,” Auburn president Steven Leath said in a statement. “We’re excited for the future of Auburn football. This means a lot to the Auburn family.”

Malzahn and Auburn officials expect to finalize details in the contract extension within a few days. ?

Malzahn led Auburn to two victories against teams ranked No. 1 in the College Football Playoff this season, a first in the playoff era. He won the SEC West with a 26-14 victory against then-No. 1 Alabama in the Iron Bowl and advanced to the SEC Championship. The Tigers lost 28-7 in a rematch against Georgia, which sent the Bulldogs to the playoff and Auburn to a New Year's bowl game at the Peach Bowl.

Malzahn is 45-21 with one SEC title, two SEC West championships, a national runner-up finish and two New Year's Six bowl appearances in five seasons as the Tigers' head coach. He is the only head coach in the SEC with a victory against Nick Saban. He is 2-3 against Alabama.

Malzahn's original deal was worth an average of $4.75 million per year through 2020.

The Auburn coach was asked repeatedly about his intentions as he flirted with Arkansas. He continually said he planned to be at Auburn in 2018, but never committed publicly that he was indeed returning. A teleconference with reporters Sunday afternoon included more of the same from Malzahn, leading to the Peach Bowl media representative attempting to quiet questions concerning Malzahn's future.

"I’m planning on being the coach at Auburn next year," Malzahn said in his final response. "I thought that was the last question we were going to ask about that."

No. 7 Auburn (10-3) is set to face No. 12 UCF (12-0) in the Chick-fil-A Peach Bowl on New Year's Day.

Auburn Undercover will update this story.

Updated with new contract info at 5:30 p.m. CT

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