Jim Calhoun Press Conference: Watch FREE Live Stream Online of Connecticut Coach's Retirement

Perhaps the greatest coach in Big East history is ready to retire.

Jim Calhoun is calling it quits after 26 years as the head coach of the UConn basketball team. He won national titles in 1999, 2004 and 2011

The Connecticut coach will hold a press conference at 2 p.m. ET on Thursday. You can watch a free live stream online of the event at espn3.com.

Assistant coach Kevin Ollie will take over for Calhoun, at least for the 2012-13 season.

The 70-year old is sixth all-time with 873 wins in Division I college basketball. He spent 14 years at Northeastern and finished out his career with the Huskies. In 1986, he took over one of the worst basketball programs in Division I, and turned it into a national powerhouse.

Calhoun's retirement comes on the heels of the program receiving NCAA sanctions. Connecticut will not be eligible to play in the upcoming postseason, after failing to qualify academically.

UConn was also cited for program violations in 2010. Two assistant coaches were forced to quit in the wake of an investigation regarding the recruiting of former player Nate Miles. Calhoun was suspended for three Big East games last season because of the violations.

The program's recent troubles aren't the only thing that may have played a role in the coach's decision. Calhoun has battled health issues for years. He survived prostate cancer in 2003 and skin cancer in 2008.

The Connecticut coach was inducted into the Basketball Hall of Fame in 2005.