Smith becomes the 16th head coach in program history and takes over the duties from Chris Walker, who served as the interim head coach this past season, following the debacle with Billy Gillispie.
Walker was the only coach retained from last season's staff when firings were announced on March 16 and was still considered to be a frontrunner for the permanent head coaching position at the time.
There has not been any word if Smith will retain Walker on his staff in the near future. Walker coached the Red Raiders to an 11-20 overall record and a 3-15 mark in Big 12 Conference play.
Smith comes to Tech following a six-year stint at Minnesota that included three trips to the NCAA Tournament including this past season, which ended in the third round against the Florida Gators.
Despite being knocked out of the NCAA Tournament it was yet another 20-plus-win season as the Golden Gophers finished 21-13 overall in 2013. Out of his six seasons at Minnesota five of those saw the Golden Gophers finishing north of the 20-win mark.
The last time the Red Raiders had a 20-win season came in the 2006-2007 campaign where Tech finished 21-13 overall.
Smith will now have the task in turning around a basketball program that hasn't made the NCAA Tournament since the 2006-2007 season.
The new head coach of Red Raider basketball is being introduced formally at a 2 p.m. press conference on Tuesday.