The University of Michigan announced Monday night it is making a major football announcement at noon today.

While Michigan has not confirmed it, it has been widely reported U-M Interim Athletic Director Jim Hackett plans to introduce former San Francisco 49ers Coach Jim Harbaugh as the Wolverines' next head coach in Ann Arbor.

Harbaugh reportedly signed a six-year, $48 million contract with U-M on Monday night, Comcast SportsNet reported. He was let go Monday after five years as coach of the NFL's 49ers,

The highest-paid coach in the Big Ten Conference in 2014 was Michigan State’s Mark Dantonio, who made a reported $5.63 million. Meanwhile, former Michigan Coach Brady Hoke reportedly made $2.3 million and an additional $3 million when his contract was bought out by U-M.

A Michigan quarterback from 1983 to 1986 as a four-year letter winner, Harbaugh finished third in Heisman Trophy voting his senior year. Harbaugh's father, Jack Harbaugh, was on U-M Coach Bo Schembechler's staff as a defensive coach.

The 51-year-old Harbaugh was born in Toledo, Ohio, and attended Pioneer High School in Ann Arbor before graduating from Palo Alto (Calif.) High School.

After graduating from U-M, he played 15 years in the NFL. The first-round selection of the Chicago Bears in the 1987 NFL draft, Harbaugh played seven seasons (1987-93) in Chicago, four at Indianapolis (1994-97), one in Baltimore (1998), two in San Diego (1999-2000) before retiring as a player with Carolina (2001). While with the Colts, he led the team to the AFC Championship game; was voted to the Pro Bowl; was named the 1995 Comeback Player of the Year and the AFC Player of the Year; and was runner-up in the NFL MVP voting.

He worked with the Oakland Raiders as quarterbacks coach in 2002 and 2003 before taking head-coaching jobs at the University of San Diego and Stanford University before returning to the NFL with San Francisco. He went 44-19-1 in four years with the 49ers, including 8-8 this season.