Chuck Carlton of The Dallas Morning News is reporting that the University of Texas has declined an invite to join the Pac-10 conference and will instead remain in a 10-team Big 12 conference.

Pac-10 Commissioner Larry Scott confirmed that the University of Texas has declined an invitation to join the conference. The decision will preserve the Big 12 as a 10-team conference, assuming Texas A&M elects to remain. Texas A&M officials were deliberating Monday afternoon.

Big 12 member schools and TV partners met Monday to work on a lucrative television deal that would convince the University of Texas and three other schools — Oklahoma, Oklahoma State and Texas Tech — to abandon pursuit of Pac-10 membership.

Soon after, Texas announced that they will indeed be staying in the Big 12 according to SI.com's Andy Staples.

The University of Texas will stay in the Big 12, Texas just announced. 11 a.m. presser in Austin tomorrow.

Looks like Chip Brown was right on, again, with this one.