Calhoun denied a report by ESPN.com, which said Saturday he had agreed to a five-year contract.
"It's right on the horizon, but once again, I haven't signed anything," the 67-year-old Calhoun said. "Maybe somebody else has. My wife signs all of my checks, maybe she did that."
Calhoun, who has two national titles and took the Huskies to the Final Four last season, is making $1.6 million in 2009-10, the final year of a six-year deal.
Women's basketball coach Geno Auriemma, who has brought six national championships to Storrs, signed a five-year, $8 million deal in June.
Calhoun was inducted into the Basketball Hall of Fame in 2005. He coached UConn to a 60-51 win over UCF on Sunday, and has a career record of 812-344, good enough for sixth on the NCAA Division I wins list.
Several off-the-court issues had prompted questions about Calhoun's future, including an investigation into UConn's recruitment of former player Nate Miles. Calhoun has acknowledged that he or his staff may have made mistakes in recruiting Miles.
The coach also has been treated for cancer three times during his UConn career, including last summer when he successfully battled skin cancer.
In June, he had to be hospitalized after breaking several ribs during a charity bike ride.