MEMPHIS, Tenn. — In hopes of revitalizing its struggling basketball program, Memphis has turned to a favorite son to bring back fans and regain the school’s recruiting leverage in the basketball-rich city.

Penny Hardaway, who starred two seasons at Memphis in the early 1990s before a successful NBA career, was named Tuesday as the Tigers’ new men’s basketball coach. Hardaway replaces Tubby Smith, who was fired Wednesday after two seasons as the Tigers coach.

Hardaway could barely hide his enthusiasm in taking over a program where he starred and in a city where he grew up. He said becoming the coach at his alma mater was “a dream come true” as hundreds of blue-clad Memphis fans attending the introduction ceremony rose in a standing ovation.

“Am I playing again?” Hardaway joked. “I do have one year of eligibility left. It’s an unbelievable day.

“I couldn’t have dreamed anything any better.”