KNOXVILLE (AP) — The University of Tennessee has reached a deal that would buy out ousted chancellor Beverly Davenport for $1.33 million.

The university announced Friday that the audit and compliance committee will meet Tuesday with a settlement deal on the agenda.

If approved, Davenport's final day will be Tuesday. Davenport would have been paid about $2 million over the next four years if she had stayed at the university.

President Joe DiPietro announced May 2 that Davenport's term as chancellor would end July 1 with her taking a faculty position in the College of Communications despite DiPietro citing her communication skills among the reasons for his decision.

Under the agreement, Davenport also will not look for a new job with the university or the state of Tennessee.