The move announced Friday comes after Lonergan led the Colonials to the NCAA tournament for the first time since 2007. GW lost to Memphis in the first round last week and finished 24-9.
Lonergan signed a five-year contract when he was hired in 2011. He went 10-21 and 13-17 in his first two seasons before this year's turnaround.
Lonergan won a Division III national championship at Catholic in 2001 and took Vermont to the NCAA tournament in 2010.