LUBBOCK, Texas -- Texas Tech made a formal contract offer Friday to coach Mike Leach, a five-year deal worth $12.1 million.
The offer was first reported by the Dallas Morning News.
Leach is already signed through 2010, and this would extend him to 2013. He could not immediately be reached for comment by the Associated Press on Friday.
Athletic director Gerald Myers said the last three years of the contract would pay Leach a total of $7 million.
A school source told ESPN.com that Leach is expected to sign the contract in the next 48 hours.
"We made what we think is a good offer," Myers told the Dallas Morning News. "It's an offer we feel that's fiscally responsible with all the other obligations in the department. We think it's a good, fair offer. We want Mike to be our coach and hopefully he will accept it."
Myers did not immediately return a phone message from the AP on Friday.
Texas Tech chancellor Kent Hance said he hopes having an offer in place will calm fears that Leach is leaving.
"I feel that it's a great deal for Mike," Hance told the Lubbock Avalanche-Journal. "I hope he'll accept it and that we can get back to doing the important thing of recruiting and stop these rumors that don't help Texas Tech. We like Mike, and we want to keep him."
Leach took the No. 8 Red Raiders (11-1) to their best record since 1973, only the third time in the program's 84 years the team tallied 11 wins. The 10-0 start was the program's first since 1938, and the win over Texas was the first time Tech defeated a top-ranked team.
Leach's agent, Gary O'Hagan, did not immediately reply to a message left by the AP on Friday.
Information from ESPN's Joe Schad, ESPN.com football writer Mark Schlabach and the Associated Press was used in this report.