Kentucky is coming for Billy Donovan. And school officials are bringing lots of money.

The school is prepared to offer Donovan the head coaching job with an annual raise of more than $1 million, ESPN.com reported on Friday. An offer could come as early as next week or as soon as Florida is eliminated from the NCAA Tournament.

Florida, seeking to become the first team to win consecutive national titles since Duke in 1991 and 1992, plays UCLA in a national semifinal Saturday night.

ESPN reported that the contract will be a seven-year deal worth at least $2.8 million a season and as much as $3.5 million with performance-based incentives.

Donovan has declined to comment on the Kentucky job.

"I don't even have my phone .. I don't talk to anybody," Donovan said at a news conference at the Final Four on Friday afternoon.

After this season, Donovan has five years remaining on his contract with Florida, which pays him about $1.8 million per season. Donovan and his agents have been in negotiations with Florida athletics director Jeremy Foley for nearly a year. The two sides haven't yet reached a contract extension, but Florida was already prepared to pay Donovan at least $2.5 million per season before the Kentucky job opened, ESPN reported.

But University of Florida president Bernie Machen says he thinks Donovan will stay put.

“He owes it to himself to look at the Kentucky job, if they offer,” Machen said Sunday following Florida’s 85-77 victory over Oregon in the Midwest Regional final. “But we’re not going to lose him to anybody.”

Donovan is in his 11th season at Florida.

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“I’ve got an unbelievable relationship with our administration, with our coaches,” Donovan said. “Love the University of Florida.”

Meanwhile, former Kentucky basketball star Richie Farmer says he spoke with Donovan and suspects the Florida coach is “open” to considering the Wildcats job.

Farmer said he called his former assistant coach, and the conversation was mostly about the Final Four.

Farmer said the Kentucky job did come up, and he didn’t make a hard sell. Farmer added that he would if asked by his alma mater.

“He was certainly aware of what was going on,” Farmer said Friday. “I think that he certainly is open to looking at the opportunity after the tournament.”

Farmer played for Kentucky from 1988-92, and Donovan served as an assistant under Rick Pitino during part of that time.

At a news conference Friday in Atlanta, Donovan said he’s focusing on the Gators’ national semifinal game against UCLA and hasn’t been contacted by Kentucky. Although he has yet to indicate an interest in the job, he also hasn’t ruled it out.

“I don’t even have my phone,” Donovan said. “I don’t talk to anybody. The minute I get on the road, I give my phone to my secretary. I’ve talked to nobody. All I’ve done, to be honest with you, is got a lot of bloodshot eyes right now from watching a lot of tape. That’s all I do.”