Texas, Oklahoma, Texas Tech and Oklahoma State are working on a deal to join the Pac-12, according to a report on Sunday.
The Austin American-Statesman cited a source close to the situation that stressed the deal is not yet complete, but that talks were "heating up."
The proposed deal would allow Texas to keep ESPN's Longhorn Network, though The Statesman reports the network would have to add other Pac-12 programming to the network.
The new Longhorn Network, a 24-hour showcase for Texas athletics, has caused several Big 12 members to worry it gives the Longhorns too much power and influence, especially in the areas of exposure and recruiting.
"This is not yet a done deal," a source familiar with the discussions told The Statesman, saying nothing had been definitively confirmed. "It appears that (Pac-12 commissioner) Larry Scott is going to be able to work some magic and help Texas keep the Longhorn Network and their revenue stream."
Oklahoma and Texas' regents are both set to meet on Monday.
By day's end, will Oklahoma give David Boren and Texas give Bill Powers the right to make a decision on behalf of the university?