The extension must be approved by the Arizona Board of Regents at its meetings June 5-6.
Miller has helped resurrect Arizona's program, leading the Wildcats to the NCAA tournament four times, including two trips to the Elite Eight.
Miller signed a one-year extension through 2018 last June. He would receive a $100,000 raise in 2019 under the extension and have numerous academic and performance incentives, including $500,000 for a national title and $200,000 for a team cumulative grade-point average of 3.0.
Miller is paid more than $1 million annually for peripheral duties and from sponsorship deals.
A university donor also created a retention plan that would keep Miller, head football coach Rich Rodriguez and athletic director Greg Byrne in Tucson for the next eight years.
Under the plan, Miller would receive 175,000 units of a 500,000-unit donation of a Master Limited Partnership to the University of Arizona Foundation if he is still employed by the school after eight years. He would receive a prorated amount from the unit value through the first four years.
The MLP units were valued at $35.36 each as of May 12 for a total donation of $17.68 million.
• Arizona's Rodriguez agrees to extension