Ole Miss football coach Lane Kiffin agreed to a new contract to remain with the Rebels, the school announced on Saturday night.

Kiffin's new deal will average in the $7.5 million range annually, sources told ESPN.

"We are committed to winning championships at Ole Miss, and coach Kiffin is the person to lead us to those heights," Ole Miss athletic director Keith Carter said in a news release. "With his winning edge, offensive vision and recruiting prowess, he has quickly cemented our team among the best in the nation, and this is just the start.

"With major facility projects on the horizon, we are investing in this program like never before and look forward to building on the foundation that Coach Kiffin has established."

Kiffin was hired by Ole Miss in December of 2019, after he led Florida Atlantic to its second Conference USA championship in his three seasons at the Boca Raton, Florida, school from 2017 to 2019.

"We are extremely appreciative of Chancellor Glenn Boyce, Director of Athletics Keith Carter, and the entire Ole Miss administration for their commitment and support of our football program," Kiffin said. "Sustained success takes a commitment from everyone, and we are excited to continue the work to build a program that makes the entire Ole Miss community proud. I have a tremendous amount of gratitude for our fans, players, and staff. The future is bright! Hotty Toddy."

In two seasons at Ole Miss, Kiffin has a 15-7 record, with an Outback Bowl victory in 2020. In 2021, Kiffin led the Rebels to their first 10-win regular season in school history.

Ole Miss will play in a New Year's Six bowl game, and will learn its destination and opponent Sunday.