Cuonzo Martin is staying put as Tennessee men's basketball head coach.

The UT athletics department released joint statements from Martin and Athletic Director Dave Hart on Tuesday afternoon stating the third-year coach would remain at his current position and that contract modifications are underway.

"We are proud that Cuonzo Martin will continue to lead our men's basketball program," Hart said in the release. "His three Tennessee teams have finished in the upper echelon of the SEC, and each of those teams entered the month of March in contention for an NCAA tournament bid. His third team excelled in the postseason."

"We are working on modifications to Cuonzo's current contract and will release details of those adjustments when finalized."

Tuesday's statements come amid an ESPN report that claimed Martin met with Marquette officials regarding its vacant head coaching spot on Sunday.

ESPN's report stated "significant interest" between both parties. That came two days after the Vols suffered a season-ending Sweet 16 loss to Michigan on March 28.

Early Tuesday morning, multiple media outlets reported through sources close to Martin that he had taken his name out of contention for the Marquette job, which had been vacant since Buzz Williams left for Virginia Tech last week. Longtime Duke assistant coach Steve Wojciechowski was then announced as the Golden Eagles' newest head coach Tuesday afternoon.

"Just as our players have 'bought in' and made a commitment to doing things the right way in all aspects of their lives," Martin said, "my staff and I feel a strong commitment to them and their continued growth as men. Tennessee is where I want to be. That has never changed.

"I have said many times over the past three years that I believe we have the resources and support to be the last team standing, and that belief has never been stronger."

UT finished the 2013-14 season with a surprise Sweet 16 run as a No. 11 seed. The Vols defeated Iowa in a play-in game, then upset 6-seed Massachusetts before toppling 14-seed Mercer and narrowly losing to 2-seed Michigan on Friday.

But it was a rocky road to get there. Martin faced unprecedented scrutiny from the fan base amid two NIT appearances in his first two seasons. With the team struggling to gain momentum for a NCAA tournament run late this season, an online petition endorsing the firing of Martin and re-hiring of Bruce Pearl went viral, surpassing 36,000 signatures.

Martin addressed the fan base directly in his statement.

"I appreciate the unrivaled passion of this fanbase and feel the responsibility to make those fans proud," Martin said. "I also appreciate the commitment that the university and athletic department leadership have shown to this staff.

"I am excited about the future and remain honored to be the head basketball coach at Tennessee."

Martin's current contract has two years left with an annual base salary of $1.35 million. That is believed to make him the 11th-highest-paid head coach in the SEC, despite his 32 conference wins, good for third-most among coaches in the conference during that three-year span.