Update II: Texas officially announced early Saturday evening that Tom Herman has been hired as the 30th coach of the Longhorns football program. He will be introduced at a press conference on Sunday.
"The opportunity to come back to Texas is a dream come true for me and my family, and I can't thank President [Gregory] Fenves and [athletic director] Mike Perrin enough for providing me with this incredible opportunity," Herman said in a statement. "Longhorn football has been - and always will be - a national power, winning and playing for national championships with great pride and passion, supported by an unbelievable fan base.
"When President Fenves, Mike and I met late last night and into the morning, I came away very impressed with their unified vision and commitment to football, and I'm excited to be the head coach at the flagship university of the greatest state in the union. I am eager to get to Austin as soon as possible, to spend time with our student-athletes and to get to work."
The school president and AD shared the sentiment.
Perrin: "I'm thrilled to have Tom Herman joining us as our head football coach. I am impressed with his insights on college sports, football and academic success, and his philosophy of developing the student-athlete into the complete person. He clearly has a passion and respect for the game of football, and also, a passion for teaching young men the game and the life lessons that come with that."
Fenves: "In Tom Herman, Longhorn football is getting a proven competitor, terrific recruiter, and committed mentor of student-athletes who has shown his ability to succeed at all levels. Tom was the hottest young head coach in the country the past two seasons, and I am thrilled we are able to get him back to UT to lead Texas football."
Update: Texas will hire Houston coach Tom Herman to succeed fired coach Charlie Strong, a source close to the situation tells CBS Sports' Dennis Dodd. ESPN's Heather Dinich first reported the hiring.
A formal announcement is expected to take place later on Saturday. Herman will be given a five-year deal paying him between $5 million and $6 million annually, according to Kirk Bohls of the Austin American-Statesman.
Herman was reported to be the top target at LSU, but the Tigers announced Saturday morning they were removing the interim tag from coach Ed Orgeron and making him the full-time coach.
Herman's reported negotiations with LSU were leaked to the media Thursday, causing a stir in the coaching community as the futures of Strong and LSU interim coach Ed Orgeron hung in the balance.
The Advocate's Ross Dellenger, who broke the Orgeron news Saturday, made sure to note that "LSU was deep in talks with Herman and [the] school believes his camp leaked the story."
The impact of leaking LSU's interest was getting Texas to the table for Herman, who like many coaches has been interested in the Texas job long before these past few weeks in Austin.
Herman has deep Texas roots, having started his career as a Longhorns graduate assistant under Mack Brown. Twelve of his 18 years in the profession have been spent in the state of Texas. His one-year playing career was spent at Texas Lutheran in Seguin, Texas.
Herman's productive spread offense seems to fit a need at Texas and in the wide-open Big 12. He knows state of Texas recruiting as well as anyone. Earlier this year, he landed the highest-ranked prospect ever to a Group of Five school -- five-star defensive tackle Ed Oliver from Houston Westfield High.
There were reports Thanksgiving night LSU was zeroing in on Herman. However, when Texas lost to TCU, the school appeared to move quickly to go after Herman.
When news broke Saturday of LSU's press conference, Houston officials hadn't spoken to Herman since the end of Friday's game at Memphis, a source told CBS Sports. That was an indicator to some of those officials that Herman wasn't LSU's choice.
Texas' pursuit of Herman is expected to go down quickly. Texas president Greg Fenves reportedly was reluctant to let Strong go, in part because of his sensitivity to the lack of African-American coaches in the profession.
Texas athletic director Mike Perrin was widely reported to be out of the hiring process.
As hot as Herman is, there is skepticism among some coaches after a two-year head coaching career to this point. In that span, Herman energized the program and the fan base while beating Florida State, Oklahoma and Louisville. There also were troubling losses to UConn, Navy, SMU and Memphis.
LSU and Texas are known for meddling boosters. In the end, Herman may choose his better knowledge of those meddling boosters at Texas rather than those at LSU.