Final contract details were still being worked out as of Saturday morning, according to ESPN.
Valentine is the older brother of Chicago Bulls player Denzel Valentine.
Valentine has been a Ramblers' assistant coach for four years. During that time the Ramblers have won three Missouri Valley Conference regular-season titles, gone to two NCAA tournaments and made a Final Four run in 2018.
Valentine began his coaching career as a graduate manager at Michigan State, where his brother played. He then spent two seasons as an assistant coach at Oakland, his alma mater, before moving to Loyola Chicago.