Notre Dame will join the Atlantic Coast Conference as a full member with the exception of football, SI.com reports.
Notre Dame will play five football games annually vs. ACC, though. Notre Dame is currently an independent in football and a member of the Big East in basketball.
The ACC announced that the exit fee will be $50 million.
The timing of the departure is "very murky," a Notre Dame official told SI.com.
The earliest Notre Dame could leave the Big East without penalty is 2015.
"In any short-term way there's no financial benefit," the official said. "If we wanted to do something for money we would have joined the Big 10. What its really about is postseason play."
"The ACC is an exceptionally good fit for us academically, as well as athletically," Notre Dame president John Jenkins said.