Norman, OK (Sports Network) - Oklahoma is currently working on the contract of head men's basketball coach Jeff Capel, which will include a "reasonable raise" and have a reported seven-year extension.

Last year Capel received a contract extension through 2014 with a yearly salary of $1,050,000. The new extension will reportedly be for seven years, according to SI.com.

The school released a statement Friday confirming that the sides are working on Capel's contract, which will be submitted to Oklahoma's Board of Regents for approval.

"We're very pleased and proud of the leadership Coach Capel has provided to our basketball program and the significant improvements that he and our team have made," Oklahoma president David L. Boren said. "We intend to provide a reasonable raise for Coach Capel next year based on his performance and the compensation of his peer group."

This past season Capel guided the Sooners to the Elite Eight round of the NCAA Tournament before they lost to North Carolina. Oklahoma went 30-6 overall and finished 13-3 in the Big 12.

"Our program has made tremendous strides the last couple of years and I continue to be excited about the direction it's heading," Capel said in a statement.

After posting a record of 16-15 in his first season, Capel led Oklahoma to a 23-12 mark in 2007-08, when the Sooners reached the second round of the NCAA tourney.