The Houston Chronicle on Wednesday reported both Oklahoma and Texas have reached out to the Southeastern Conference about joining the league.
The report said an announcement could come within a couple of weeks.
The SEC would have to approve the addition of the Sooners and Longhorns with a vote from the current members, with any additional schools needing at least 75% of the votes to receive an invitation.
Oklahoma so far has not responded to requests for a statement, while a spokesman for Texas said they would respond to rumors and speculation.
The SEC has 14 members, including former Big 12 schools Missouri and Texas A&M.