Texas A&M president R. Bowen Loftin had a phone conversation with Missouri chancellor and Big 12 Conference board chairman Brady Deaton on Monday night about his university's desire to withdraw from the conference, a Big 12 source confirmed to ESPN's Joe Schad on Tuesday.

Texas A&M could send its formal, written letter of departure as early as this week, the source said. The only holdups are threats of litigation by Big 12 members and the need to clarify exit fees.

The New York Times said in a story posted on its website Monday night that Loftin sent a letter to Deaton to inform the league it was leaving. Texas A&M denied that report, saying Tuesday it has not sent a letter of withdrawal to the Big 12.

When Colorado and Nebraska left the conference last year, they paid about half of what the Big 12 could have contended they owed upon leaving the conference, and Texas A&M would like similar treatment, the source told Schad.

Texas A&M said Monday it had received a letter from Big 12 commissioner Dan Beebe outlining the withdrawal procedure should the Aggies decide to leave the league.

Texas A&M spokesman Jason Cook said on Monday that the letter "outlines the withdrawal procedures according to the financial provisions of the Big 12 bylaws and mutual waivers of legal claims." He wouldn't provide any other details of the letter or comment on what A&M's next step might be.

The Aggies are interested in joining the Southeastern Conference. Loftin sent a letter to the Big 12 last week formally telling Beebe they are exploring their options and asked for the conference to outline the process if they decide to leave.

The mutual waiver of legal claims could mean the amount the Aggies would pay could be determined by mediation instead of lawsuits.

Texas A&M would prefer to leave the Big 12 and have an announcement about joining the SEC before this season starts to aid with scheduling concerns and to allow the Big 12 to begin the process of adding a replacement, the source told Schad. But it is possible that process could last until the second week of Texas A&M's season, which is a bye week.

The Big 12 board announced Tuesday the conference has formed a committee to discuss schools that could replace Texas A&M if the Aggies leave the league. Deaton said that the committee could also address the possibility of expanding the conference even if Texas A&M stays put.