It appears that all the i's have been dotted and all the t's crossed.
Directly from Penn State's athletics Twitter feed:
Barring a monumental last-minute shock, Vanderbilt's James Franklin will be named Penn State's new coach at that announcement. Penn State on Friday called at least one college football official that knows James Franklin well to get quotes for the press conference, a source told CBSSports.com's Jeremy Fowler. Vanderbilt football has a team meeting on Saturday morning, where it's expected Franklin will deliver the Penn State news.
CBSSports.com's Bruce Feldman reported Wednesday that Franklin would accept the Nittany Lions' offer, and though the "details to be sorted out on both sides" (as Feldman described them) have kept a glimmer of hope alive in Nashville that Franklin might reverse course, it now appears those details have been resolved.
Franklin went 24-15 in three seasons at Vanderbilt and will become the first coach to leave the Commodores with a winning record since Steve Sloan went 12-9-2 in a two-year stint in 1973-74 before heading to Texas Tech.