DESTIN, Fla. — Florida men's basketball coach Billy Donovan has apparently gone to the happiest place on earth — the Orlando Magic kingdom.

A day after he denied to reporters here at the SEC business meetings that he had talked to any Orlando Magic official about the NBA team's coaching vacancy, Donovan, coach of the two-time defending national champions, accepted the Magic's lucrative offer Thursday afternoon. The Magic confirmed the hiring Thursday night and scheduled a news conference for this morning.

Florida president Bernie Machen, who arrived here about noon on Thursday as the presidents and chancellors of the 12 SEC schools began their portion of the annual meetings, emerged in late afternoon saying that he knew nothing about Donovan taking the Magic job.

"If that happened, I think I would know," Machen said. "I hadn't talked to him in two weeks. (Florida athletic director) Jeremy (Foley) would be the one to talk to Billy, and Billy wouldn't take that (Orlando) job without talking to Jeremy. Jeremy hadn't talked to Billy today as of 3 o'clock."

The Associated Press reported Donovan's deal with the Magic is for five years and $27.5 million. Machen said Florida's contract extension for Donovan was done, but Donovan had yet to sign it. The deal was to start at $3 million a year and escalate to $3.75 million by the end of the contract in 2013-14.

Donovan, 42, checked out here at the Sandestin Beach Hilton on Thursday morning, but not before denying late Wednesday all media reports that had him talking with the Magic.

"I haven't talked to anyone from the Magic, so I can't comment on it," said Donovan. When Donovan was asked if his agent had talked with the Magic, Donovan replied that he hadn't talked with his agent.

Donovan, who was 261-103 at Florida, said that he didn't mind the attention from various teams that expressed interest in him, including Kentucky and the NBA's Memphis Grizzlies.

"It's certainly a lot better than someone wanting to run you out of the place," Donovan said. "Anytime someone recognizes what you do at a place, it's appreciated.

"At the same time, there's so much speculation that gets thrown out there I can't keep commenting on every little thing. Maybe with Jeremy and Dr. Machen trying to work through my deal has added a lot of fuel to this."

Machen didn't seem overly distraught about the news he'd likely lost Donovan.

"There's always a next," Machen said. "Billy Donovan has been here for 11 years, won two national championships and been a great ambassador for the University of Florida. We'll always love Billy Donovan. I don't think Florida has to worry about who their next coach is."

Foley probably will consider replacing Donovan with assistant coach Larry Shyatt or Virginia Commonwealth coach Anthony Grant.

Although some believe Shyatt will follow Donovan to Orlando, he has several years of head coaching experience at Wyoming and Clemson. Grant, a longtime assistant under Donovan, led VCU to the NCAA tournament in his first season.

Marquette coach Tom Crean and Villanova coach Jay Wright also could surface as potential candidates.

Donovan said a couple of days ago that he knew a three-peat for a national title was just about impossible. Four members of his starting five from the past two years will likely be taken in June's NBA draft, and it would have taken him a couple of recruiting classes to gather momentum.

But except for his golf trip and a few award banquets, he said he has kept his motor running.

"I've never quite figured out when people said you need to enjoy it," Donovan said. "Does that mean you go away for a week? How do you enjoy it? Time is not stopping for anybody.

"But I do have a real strong level of appreciation for what I've coached the last two years. I hate to see those kids go because of the way they approached their business every day."

The Associated Press contributed to this report.