The 50-year-old confirmed he will stick with the Ramblers in a statement obtained by Teddy Greenstein of the Chicago Tribune.
Moser is believed to have turned down an eight-year deal worth approximately $2.2 million per season, a source told The Athletic's Andrew Slater.
"People in business say I'm crazy for passing up opportunities and the money," Moser said in his statement. "But what they don't know is the amazing young men I coach and the culture we have built.
"What they don't know are the amazing young men who are committed to come to Loyola and wear the maroon and gold. What they don't know are the people and friends that make up the Loyola community. And what they don't know is what makes me tick."
Moser first took charge of Loyola in 2011 and has managed a 141-125 record over eight seasons. He famously led the Ramblers to their best NCAA tournament finish in 55 years in 2018, guiding their Cinderella run to the Final Four. Loyola failed to make the tournament this past season after losing to Bradley in the Missouri Valley Conference tournament semifinal.
The Red Storm have been searching for a new bench boss since Chris Mullin stepped down last week.