Colorado is in discussions about leaving the Pac-12 for the Big 12, per ESPN’s Pete Thamel, Yahoo! Sports' Ross Dellenger and others.

CU’s Board of Regents held a meeting Wednesday discussing a move to the Big-12 and another “Special Board Meeting” is scheduled for Thursday, which is expected to focus on the potential move.

"An agenda of Thursday’s meeting posted on the Colorado Board of Regents' website lists the start time as 3 p.m. MT with the subject as “athletics operation” and the type as “ACTION” — a sign that a formal vote will be called," Dellenger reported Wednesday afternoon.

Multiple private sessions regarding athletic affairs have been held in recent months. However, Wednesday’s meeting was one of a more decisive dialogue, and Thursday’s meeting will be public (confirmed by Brian Howell of the Boulder Daily Camera) signaling that a vote to make the move could take place.

"We are where we are," athletic director Rick George told ESPN this week. "We've just got to figure it out."

On the Big-12’s side, the conference's presidents and chancellors are holding a meeting Wednesday night that is expected to detail an update on potential expansion, per ESPN.

In order to finalize the move, Colorado would need to apply to join the Big-12, which it has not completed. CU's scheduled Wednesday afternoon meeting was held to “formalize” the move, per ESPN.

The turnaround comes after the Pac-12's commissioner, George Kliavkoff, did not detail a media deal, which the conference has waited on for the past year, ahead of last week's conference media day in Las Vegas.

According to Dellenger, Pac-12 presidents met with Kliavkoff Wednesday to discuss the current status of a media rights deal.

“The Pac-12 board of directors has met regularly throughout the process, and has been united in their commitment to one another and to the Pac-12, and this commitment and patience will be rewarded with an announcement in the near future," Kliavkoff said last week. "Getting the right deal has always been more important to our board and to the conference than getting the expeditious one."

The conference commissioner has been confident that his league would remain intact beyond last year's departures of USC and UCLA, and he expressed no concern over other programs leaving the Pac-12.

"Our schools are committed to each other and to the Pac-12," he said. "We’ll get our media rights deal done.”

Colorado would leave after the 2023-24 season should a decision to depart the conference become finalized, and that coincides with the end of the current Pac-12 TV deal meaning CU would not have to pay an exit fee, per ESPN.

The Big 12's new media deal is reportedly set to bring in nearly $32 million for each school in the conference after leaders in that league negotiated partnerships with Fox and ESPN.

The Buffs last were part of the Big 12 in 2010. Thirteen years later, it appears CU is headed toward making its return to the conference.