St. John’s is getting down to crunch time in its search for a new basketball coach and The Post has learned Georgia Tech coach Paul Hewitt might be priced out of the Red Storm’s plans.

Initially it was believed that Hewitt’s buyout was $250,000, which would not have been an obstacle. But when Tech signed Hewitt to a raise and an extension after last season, his buyout jumped to $1 million.

It’s unclear how much of that buyout St. John’s would have to assume, but the university certainly will have to consider it. Sources told The Post that Tech officials intend to offer Hewitt a lucrative raise and extension after the season.

Memphis coach John Calipari recently received a three-year extension of his $1 million deal. It’s unclear how much Calipari now is making but his buyout is less than $100,000, which makes him an attractive candidate.

Calipari is signed through 2010. He is in his fourth year at Memphis. Under a new deal he signed in May of 2001, Calipari would get a $500,000 bonus he stayed at Memphis for five seasons.