Updated: Texas athletic director Mike Perrin released the following statement on Sunday evening:

"There are a number of rumors out there about the status of Coach Strong," said Perrin. "I've said it all along, we will evaluate the body of work after the regular season. We have a game to get ready for against TCU on Friday, and I hope our fans will come out and support our team. We'll discuss where things stand after that."

Furthermore, a Texas spokesman confirmed to Mike Finger that Strong will participate in his regular Monday press conference at noon ET.

The Austin American-Statesman, citing a source, updated its story to note that Perrin and Texas president Gregory Fenves do not want players "believing their on-field play was the sole reason Strong may be fired," which played a role in their decision not to announce Strong's exit prior to the end of the season on Friday.

Original story

With a 16-20 record in three seasons at Texas and coming off one of the worst losses in program history, it looks as though Longhorns coach Charlie Strong is on the verge of losing his job.

The Austin-American Statesman is reporting that Texas has decided to fire Strong, though the official announcement may not come until Monday.

A source close to the situation told CBS Sports' Dennis Dodd that the decision will likely be made public before Thanksgiving.

ESPN has also confirmed that Texas has decided to fire Strong.

"It will happen for sure. The question is when," a source told the Statesman.

Strong, who was hired by the Longhorns after going 23-3 in his final two seasons at Louisville, was never able to turn things around at Texas, losing a bowl game in his first season, failing to qualify for the postseason in 2015 and now 5-6 through 11 games this season.

Texas fell 24-21 to Kansas in overtime Saturday, the Longhorns' first loss to the Jayhawks since 1938. Kansas had not won a Big 12 game since 2014 and was 1-20 under coach Dave Beaty entering the contest.

"No idea," Strong said when asked about his future after the game.

Strong's buyout sits at $10 million.