Update: 2:05 p.m.
Fox Sports' Clay Travis is reporting Thursday afternoon that James Franklin has agreed to terms with Penn State and will become the Nittany Lions' 16th head football coach in program history.
"Vanderbilt coach James Franklin has agreed to terms with Penn State to become the school's head football coach," Travis' report reads.
Penn State sports information has yet to provide any type of statement or official release on the matter.
Multiple media outlets are reporting Thursday that Vanderbilt's James Franklin is expected to be named Penn State's 16th head football coach.
Beginning with a tweet by CBSSports.com's Bruce Feldman late Thursday morning, the expectation and anticipation from a wild Wednesday night reached its apex.
BREAKING #Vandy coach James Franklin is expected to be the next head coach at #PennState, per source- Bruce Feldman (@BFeldmanCBS) January 9, 2014
Shortly after, Feldman fleshed out his report, saying there was still work to be done on the details, but Franklin was expected to take the job.
"Vanderbilt coach James Franklin is expected to be the next head coach at Penn State, a source told CBSSports.com on Thursday morning," Feldman writes. "There are still many details to be sorted out on both sides within the next 48 hours."
Later, ESPN's news services reported Thursday around noon that the 41-year old head coach had been offered the job and was expected to take it.
"Vanderbilt's James Franklin is expected to accept an offer Thursday to become the head coach at Penn State, a source told ESPN's Brett McMurphy on Thursday," the report reads.
Should Franklin accept the position as expected, he will become Penn State's 16th head football coach in the program's history.
Blue White Illustrated will continue to monitor this developing story.