The University of Michigan (UM) has reportedly made an offer to Jim Harbaugh to be their next head football coach.

According to NFL.com, the contract offered is worth $48 million over six years, which would make Harbaugh the highest paid coach in college football. At an average annual value of about $8 million, Harbaugh's salary would surpass Nick Saban's by about $1 million.

Ian Rappaport cited unnamed sources who gave the rough outline of the contract and also indicated that Harbaugh initially brushed off UM's first advances. On the NFL Network's show "Around the NFL," Rappaport said the current San Francisco 49ers coach "has not yet told Michigan a definitive 'no.'"

Sources: #Michigan has made another run at Jim Harbaugh after he initially rebuffed the school. U-M has made an offer of 6 years, $48M. Wow.

— Ian Rapoport (@RapSheet) December 17, 2014

Citing unnamed sources close to the coach, ESPN reported that the Harbaugh is "considering" the contract offer from UM. ESPN's sources also noted there has been a noticeable change in Harbaugh's approach to the Michigan football job.

The 49ers have lost three games in a row and are mathematically eliminated from playoff contention. It was previously believed that the coach would not even consider offers until his season was over and now it effectively is. But the Oakland Raiders, New York Jets and even perhaps the Miami Dolphins are poised to make offers for Harbaugh.

UM likely has two roadblocks in pursuing the coach: one being if Harbaugh wants to stay in the NFL and the other being if he wants to stay in the Bay Area. If both hold true, he can still leave the 49ers and take the Raiders job.

But now that his team has regressed another year and Michigan obviously wants him and has the means to get him, Harbaugh will have to consider the massive offer from his alma mater.