Michigan reportedly offered head coach Jim Harbaugh a five-year contract extension earlier this week, according to Yahoo Sports Dan Wetzel, but he has not signed it yet as of Saturday evening.
But sources tell FOX Sports and The Athletic's Bruce Feldman that the deal is almost finalized.
The 57-year-old former Wolverines star is waiting to see if there are any NFL teams that are interested in hiring him as their next head coach, the Detroit Free Press reported. With the NFL regular season concluding this weekend, several teams are expected to be in the market for a new head coach.
Harbaugh previously expressed interest in the New York Jets, in addition to the Los Angeles Chargers. NFL Network's Ian Rapoport and Tom Pelissero listed Harbaugh as a potential top target after news broke that the Jets are expected to part ways with Adam Gase following Sunday's game against the Patriots.
His coaching resume suggests he could be a good fit. Harbaugh coached four seasons with the San Francisco 49ers, leading them to the Super Bowl in the 2012 season.
Harbaugh is 49-22 in six seasons as head coach at Michigan and 34-16 in Big Ten play. He's led the program to four top-20 poll finishes, but his best season, ranking No. 10, came in his second year (2016). However, he is 0-5 against rival Ohio State, who is one of the national championship contenders after beating Clemson in the Sugar Bowl on Friday. Michigan ended the 2020 campaign 2-4.