Adam Schefter of ESPN reports that Jim Harbaugh and the University of Michigan have officially have reached an agreement on a contract extension.
Harbaugh will reportedly receive a five-year extension from Michigan.
Reports from last month mentioned that NFL teams had done some initial work on Harbaugh as a potential coaching candidate for available vacancies this offseason.
However, it became clear in recent weeks that Harbaugh was likely to remain at his alma mater for foreseeable future.
Harbaugh, 56, signed a seven-year, $35 million contract with Michigan that includes 10 percent increases after the third and fifth year of his contract and a $2 million signing bonus. He also receives incentive bonuses for Big Ten championships, bowl appearances, coaching awards and team academic performance.
During his four years with the 49ers, he led them to a record of 44-19-1 (69.5 percent), which included three playoff appearances and an NFC Championship.
At Michigan, Harbaugh’s teams have produced a record of 49-22 (69 percent).