TCU's board of trustees is meeting on Thursday to vote on whether to accept an invitation from the Big 12, a source told ESPNDallas.com.
TCU is expected to accept the offer and could join as soon as the 2012 season.
"These discussions with the Big 12 have huge implications for TCU," TCU Chancellor Victor Boschini Jr. said in a statement. "It will allow us to return to old rivalries, something our fans and others have been advocating for many years. As always, we must consider what's best for TCU and our student-athletes in this ever-changing landscape of collegiate athletics. We look forward to continuing these discussions with the Big 12."
TCU said it would have no further comment on Thursday.
The Big 12's offer came on Thursday via a unanimous vote, but Missouri did not take part in the vote on the advice of legal counsel.
Missouri is currently exploring its conference options after authorizing chancellor Brady Deaton to act on behalf of the university in regards to conference affiliation, via a unanimous vote of Missouri's board of curators on Tuesday night.