Here's what the source said:
"It's not a done deal, but it's pretty close to one," the source said. "Not 100 percent, but real close."
Speculation has connected the Longhorns to the bowl held at NRG Stadium ever since head coach Charlie Strong's team defeated Oklahoma State two weeks ago, with Texas A&M as the prospective opponent -- the Texas Bowl matches up a Big 12 team and a team from the SEC.
The president of the game is already on record as being interested in that match up, though Chip Brown of Horns Digest reported that the SEC doesn't want the game to happen because the Aggies have too much to lose.
But Texas A&M athletic director Eric Hyman claims that A&M doesn't have much voice in the situation:
"Quite frankly, that's a decision made by the conference," said Hyman, who was taking in No. 5 A&M's 76-55 whipping of Rice in Reed Arena. "The configuration is so different than it's been in the past. They ask us to rank the bowls, and they ask the bowls to rank us. The (SEC) then ranks all the different teams from that, and that's how the selection will be made.
"It doesn't matter if I speculate about playing this team or that team in a bowl. It's out of our control. ... Wherever they tee us up, we'll play."
However, Hyman did indicate in his comment that Texas A&M would get a chance to rank the bowls, which would give the school some input into the process before the conference makes its recommendations about placement to the bowl games.
The other possible opponent for Texas in the Texas Bowl? Former SWC rival Arkansas, a team with a formidable rushing attack that has been playing better in recent weeks, beating LSU and Ole Miss before falling on the road to Missouri on Friday.
The other most likely bowl placement for the Longhorns following the loss is the Liberty Bowl in Memphis, which will also match a Big 12 school with an SEC opponent.