Sources: DeLoss Dodds to retire

Longtime Texas athletic director DeLoss Dodds will announce Tuesday that he will be stepping down in August 2014, ESPN's Joe Schad has confirmed.

The Austin American-Statesman reported, citing sources, that Dodds will then stay with the university as a consultant through 2015. He's scheduled to collect a $1 million annuity next August.

Dodds, 76, took over the Texas program in 1981 and saw it through the demise of the old Southwest Conference and the creation of the Big 12. Texas athletics has an annual budget of $163.3 million, largest in the nation.

He oversaw a major expansion and renovation of Darrell K. Royal/Texas Memorial Stadium, led Texas through the turbulent years of conference realignment and also negotiated a $300 million, 20-year deal with ESPN to form the Longhorn Network.

He hired Mack Brown, who led the football program to the 2005 national title while producing a Heisman Trophy winner -- running back Ricky Williams -- in 1998. Dodds also hired baseball coach Augie Garrido, the winningest coach in NCAA history who has led the Longhorns to three national championships.

In all, Texas men's programs have won 14 national championships and 108 conference titles under Dodds' watch.

In the past two decades, Texas has invested more than $400 million in building and renovating facilities. Dodds also oversaw the creation of The Longhorn Foundation, which has raised more than $360 million since 1986.

Earlier this month, Orangebloods.com reported that Dodds planned to retire at the end of the calendar year. The athletic director and the university vigorously denied the report, calling it "absolutely not true." Instead, he will remain in charge through the remainder of a school year that could end up being a turbulent one for the Longhorns.

Brown finds himself on the hot seat after a 2-2 start to the season but has said throughout that he trusted his bosses and is focused only on winning. Changes could also be coming for Texas men's basketball and baseball if those programs' recent struggles continue in 2013-14.

Early speculation this month about who could replace Dodds centered around Big 12 commissioner Bob Bowlsby, but he has denied any interest in the job and said he expects to remain in his current role for "a very long time."

According to the Statesman report, UT president Bill Powers will lead the search to replace Dodds and the school is hoping to find its next athletic director by Dec. 1.

ESPN.com's Max Olson contributed to this report.