The person spoke to The Associated Press on condition of anonymity because the announcement had not yet been made public.
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The Hall of Fame coach led the UConn program from obscurity to three national championships, but has struggled recently with health issues.
The 70-year-old Calhoun won 873 games in 40 years as a head coach, first at Northeastern and the last 26 years at UConn, and put four teams in the Final Four, winning national titles in 1999, 2004 and 2011.
Calhoun, who was elected to the Basketball Hall of Fame in 2005, is a three-time cancer survivor and missed eight games last season while suffering from a painful spinal condition. He returned just four days after having back surgery to coach the Huskies in their regular-season finale and the postseason.
UConn finished the year 20-14, losing to Iowa State in the first-round of the NCAA Tournament. The Huskies are expected to be ineligible for next year's NCAA and Big East tournaments because of poor academic performance.
In addition to his medical leave, he served a three-game suspension at the start of the Big East season last winter for failing to maintain an atmosphere of compliance in his program, an issue that dated to recruiting violations in 2008.
And then, last month, he underwent successful surgery to repair a left hip fracture from a bicycle accident.