The NCAA basketball in-state rivalry between the University of Tennessee and University of Memphis has finally been renewed after facing a potential freeze period, according to the Knoxville News Sentinel's report on Thursday. Tennessee and Memphis were set to put their rivalry on the back burner for an undetermined time as both schools' athletic directors failed to reach an agreement.

However, The News Sentinel is reporting the teams will likely keep playing each other after all. UT athletic director Dave Hart told the paper on Wednesday that the schools have "agreed in principle to a four-year home-and-home series in men's basketball."

While discussions related to the schools meeting in football are ongoing, Hart claims that the basketball conversation has reached closure. "We're going to play," Hart said. "We're going to continue the basketball series."

However, The Commercial Appeal in Memphis is saying the deal is not completed just yet. The paper's story details Memphis' side in the negotiations, saying coming to an agreement in football is part of the bigger plan.

When the Vols and Tigers met on Jan. 4 at Thompson-Boling Arena in Knoxville, the affair was billed as the last meeting between the two for the foreseeable future. An eight-year home-and-home series beginning in 2005-06 had come to an end. Memphis won 85-80 to gain an all-time series advantage of 14-11.

From Tennessee's side, the deal appears to be imminent. However, Memphis coach Josh Pastner has long wanted to end the Tennessee-Memphis rivalry. He's been abnormally public about it, citing recruiting disadvantages for his program.

Pastner and Memphis athletic director Tom Bowen were on opposite sides of this issue last season when Bowen publicly went against the coach's wishes. Bowen was hired as Memphis' athletic director in April of 2012.

"Whatever my athletic director says is what I roll with," he told the News Sentinel. "We're locked arm-in-arm on this one."