A formal announcement is expected soon.
His 2003 Marquette squad advanced to the Final Four.
Though ESPN reported that Crean also met with officials at University of Pittsburgh earlier this week, other reports from Georgia in the past few days suggested the Bulldogs had made Crean their primary target.
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Crean will take over a Georgia program that went 18-15 this season.
The deal is for six years, a source told ESPN's Adrian Wojnarowski.
Crean's hiring comes one day after former Ohio State coach Thad Matta withdrew from the Georgia coach search after becoming the first known candidate to interview for the job. He declined the offer Wednesday.
"Tom Crean is one of the most successful coaches in college basketball over the past two decades", Georgia athletic director Greg McGarity said in a statement. It's clear the Yahoo report regarding former Crean assistant Chuck Martin hurt his cause on getting another job. Crean was voted Big Ten Coach of the Year in 2016, the same season he was a finalist for Naismith National Coach of the Year honors. Prior to that, he was 190-96 in nine seasons with five NCAA appearances at Marquette.
A $3.2 million salary would have tied for 10th among men's basketball coaches this year, per USA TODAY.