The Butler job opened up last week when Chris Holtmann left to take the head job at Ohio State.
Jordan played guard for the Bulldogs from 1998-2001 and later spent four years on the coaching staff, including three as an assistant from 2004-’07.
Jordan came to Milwaukee after spending six seasons as an assistant at the University of Michigan. His inexperienced and undermanned squad finished 8-23 overall in the regular-season. Their 4-14 Horizon League record was the worst in the 10-team conference.
The Panthers did win three games in the Horizon League Tournament, knocking off seventh-seeded Detroit, second-seeded Valparaiso and sixth-seeded Illinois-Chicago to reach the title game. They lost that title game, 59-53 to Northern Kentucky, missing out on a chance at an improbable NCAA Tournament berth to finish the season 11-24.
Jordan was one year into a five-year deal that paid him $350,000 annually. His buyout will be $700,000, which is half of the remaining value of his contract.