The 39-year-old Bannon will be introduced during a news conference this morning, the university said in a release yesterday.
Neither Bannon nor Rutgers athletic director Fred Gruninger returned telephone messages left by The Associated Press at their homes.
Bannon beat out Pat Kennedy of Florida State, Danny Nee of Nebraska and Tim Welsh of Iona in getting the position with the Big East Conference school that was passed on by a couple of better-known coaches.
Eddie Fogler of South Carolina and Tom Penders of Texas were wooed by Rutgers and backed away, while Bill Herrion of Drexel shocked the Scarlet Knights on Friday by turning down an offer to become coach.
That caused Gruninger and university president Francis Lawrence to scramble to line up candidates during the Final Four last weekend at Indianapolis.
Nee was interviewed on Monday, Bannon and Kennedy on Tuesday and Welsh yesterday.
Bannon, a New Jersey native who attended St. Peter's College in Jersey City, was offered the job of replacing Bob Wenzel later in the evening.
Wenzel was fired on March 6 after the Scarlet Knights fifth straight losing season.
Contract terms were not immediately available although he reportedly will receive a package worth $400,000 annually, including a $150,000 salary.
Bannon posted a 131-103 record at Rider, taking the Broncs to the NCAA tournament in 1993 and '94 as champions of the Northeast Conference.
Rider, 14-14 this year, lost the conference championship game in 1995 and '96. It was eliminated by eventual champion Long Island University in the NEC semifinals this year.
Bannon started his college head coaching career at Trenton State, now the College of New Jersey. He led the Lions to a 145-48 record, including a 30-2 mark in 1989 when they lost the Division III national championship game.
Don Harnum, Bannon's longtime assistant, is expected to take over the Rider program, sources close to the school said.