Source: Bobby Petrino to re-up

Arkansas is close to announcing a seven-year contract extension for coach Bobby Petrino, a source told ESPN's Joe Schad late Friday night.

A source told Schad on Saturday that the deal is worth an average of $3.56 million per year.

Petrino led the Razorbacks to a 10-2 record this season and their first BCS bowl bid. Arkansas will play Ohio State in the Sugar Bowl on Jan. 4. Petrino is 23-14 in three seasons in Fayetteville.

Petrino came to Arkansas after less than a season with the Atlanta Falcons. He spent 2003-06 coaching Louisville.

Arkansas may be locking Petrino up to fend off a potential suitor in Florida. Petrino was on the short list of candidates when Urban Meyer was hired by the Gators in 2005.