Jim Harbaugh - San Francisco 49ers head coach Jim Harbaugh has been offered a multi-million dollar deal to leave the NFL and take the reins at Michigan.

According to a report from the NFL Network's Ian Rapoport, U-M offered Jim Harbaugh a six-year contract worth $48 milion. If he accepts the deal, that would make Harbaugh the highest paid coach in college football.

It's no secret that the Wolverines are in bad shape and have been scouting for a coach since Brady Hoke was fired on Dec.2. But the news of Jim Harbaugh's $8 million Michigan contract has not been confirmed by Michigan officials.

"We will not be commenting on any parts of the search process until we have our new coach in place," Michigan associate athletic director Dave Ablauf said. "We also will not discuss any speculation, rumors or sourced information throughout the search."

According to Rapoport, U-M, who have been patiently waiting for the 49ers season to end, have been in talks with Jim Harbaugh. They reportedly offered him the opportunity to return and coach his alma mater. However, it's still unclear if he would accept or reject the multi-million offer.

"Jim Harbaugh has not yet told Michigan a definitive no," Rapoport said in a statement on NFL Network.

Reports suggest that Jim Harbaugh, who is a former Michigan quarterback, may be considering the offer. However, there are lingering question about why the 49ers coach would leave the NFL for college football - especially since he turned the U-M gig some years ago to sign a $25 million five-year contract with the 49ers.

Jim Harbaugh has been successful with the 49ers. Since taking the reins in 2011, he has led the team to the Super Bowl and two other NFC title games. But this year has not been so good. Last weekend the 49ers were eliminated from playoff contention.

Analysts say that Jim Harbaugh and 49ers management may never see eye to eye and as such this could be his last season. He has one year remaining on his contract and his last regular-season game with the San Francisco 49ers is on Dec.28th at their home ground against the Arizona Cardinals.

Reports indicate that the Oakland Raiders may also be lining a contract for Jim Harbaugh.