James Franklin is expected to be named head coach at Penn State.
CBS Sports reported Franklin would replace Bill O'Brien, who was hired as Houston Texans head coach after two seasons at Penn State.
Franklin, 41, took Vanderbilt to three consecutive postseason appearances.
It is speculated that Vanderbilt athletic director David Williams offered Franklin more money in an attempt to keep him.
"I can't shed any light on that," Williams told The Tennesseean on Wednesday morning. "I can only tell you that I met with James last night. I'm not going to get into details of the discussion.
"James came in yesterday from working with ESPN on the BCS Championship game and I met with him last night. I met with my football coach. I'm not going to get into details of the substance. I've probably already said more than I should."
Franklin, a Pennsylvania native, has been mentioned as a candidate for a number of high-profile openings after guiding the Commodores to 24 wins over the past three seasons.