AUSTIN, Texas -- The University of Texas and Nike have agreed to a 15-year licensing and apparel deal, a person familiar with the negotiations told The Associated Press.

The contract will approach $200 million for the university, which has one of the wealthiest athletic programs in the country, according to the person, who spoke Wednesday on condition of anonymity because the agreement must still be approved by the school's regents.

Texas, which has been with Nike for 15 years, has agreed to a new 15-year licensing deal worth nearly $200 million with the shoe and apparel company. Sarah Glenn/Getty Images

The deal, which was first reported by the Austin American-Statesman, extends a partnership that dates to 2000. Nike's previous contract included a clause that allowed it to match any offer made by another company.

Information from The Associated Press was used in this report.