University president Sidney A. McPhee and athletic director Chris Massaro made the announcement Saturday. A news conference to introduce McDevitt is scheduled for Tuesday.
"I would like to thank Dr. McPhee, Chris Massaro and their team for the incredible opportunity to lead the basketball program at Middle Tennessee State University," McDevitt said in a statement. "This program has enjoyed many successes over the last several years under Kermit Davis' leadership, and we're excited to build upon and grow the program moving forward."
The 38-year-old McDevitt won at least 20 games in three consecutive seasons at Asheville. He went to the NCAA tournament in 2016, the CIT in 2017 and the NIT this past season.
McDevitt had been an assistant coach at Asheville since 2001. He was elevated to the head spot in 2013.
He replaces Davis, who left earlier this month to become the head coach at Ole Miss. Middle Tennessee State went 25-8 this past season and earned a spot in the NIT.
"We had a thorough, national search, and Coach McDevitt kept rising to the top," Massaro said in a statement. "People all across the country have commented on his ability to coach at a high level while recognizing how well he has recruited. He is the total package, and I think our community will embrace him because he is a great fit for Middle Tennessee."
Sources said McDevitt will receive a five-year deal.