The Tigers will be forced to vacate all 38 victories from their Final Four season of 2007-08, according to a report by the Memphis Commercial Appeal.
The newspaper, citing a source close to the situation, said on its Web site Wednesday night that the NCAA will release findings of its investigation into violations committed by the program today.
The NCAA investigated whether someone took the SAT exam for a player – which is believed to be Bulls' guard and 2009 Rookie of the Year Derrick Rose -- on that Final Four team. Memphis was notified of potential violations in January and met with the NCAA in June.
Rose has denied any wrong doing in the past.
"I know I didn't do anything wrong," Rose said when allegations surfaced. "That was up to Memphis, what they had to do. Coach Cal told me not to worry about it. I definitely wasn't worried about it."
The NCAA planned a news conference in Indianapolis on Thursday, and Dr. Shirley Raines, president of Memphis, said the school will hold its own media conference shortly afterward.
Memphis coach Josh Pastner declined to comment on the reports early Thursday, deferring to university officials.
Memphis finished 38-2 in 2007-08, setting the NCAA record for wins in a season. The Tigers lost 75-68 to Kansas in overtime in the national championship game.
It would be the second time both Memphis and former coach John Calipari had to vacate Final Four seasons. The Tigers were stripped of their 1985 appearance and Calipari's Massachusetts team lost its 1996 berth.
Memphis athletic director R.C. Johnson, coach Josh Pastner and a spokesman for the team couldn't be reached for comment Wednesday night.
Calipari, appearing at the Kentucky State Fair on Thursday, had no comment because the report had not been officially released but did say he would be "disappointed" if Memphis was stripped of its trip to the Final Four.
"We don't know anything because I'm not going to comment because I have to wait on the finding," Calipari said. "I would be disappointed if that's what they chose to do."
The Commercial Appeal's source was unaware of any penalties beyond this season.