Update: It's official. Arizona athletic director Greg Byrnes made the announcement by tweeting a photo of Rodriguez and his family.
Rodriguez has been out of coaching since 2010 when he was fired by Michigan following an underwhelming three-year stint in which his teams went 15-22. He had success implementing his innovative offense at Michigan, but it wasn't enough to compensate for a porous defense. He's worked as an analyst for CBS Sports since.
RichRod is is 120-84-2 overall and was most successful at West Virginia, where he led the Mountaineers to four Big East titles and two BCS bowl.
The Arizona job opened up when the school fired Mike Stoops in October. The Wildcats are 3-8 overall this season with one game remaining. Rodriguez was reportedly in the running for the head coaching job at Tulane as well but has apparently turned down that position