Bobby Petrino abruptly resigned his position as coach of the Atlanta Falcons on Tuesday and is negotiating an agreement to become the new coach at the University of Arkansas, multiple sources told ESPN.

Petrino and his agent had been talking with the Falcons about his preference to return to the college ranks. The former Louisville coach was looking for an opportunity to break into the Southeastern Conference ranks, and Arkansas was a natural fit.

Citing the team as its source, the Atlanta Journal-Constitution reported on its Web site that Petrino phoned the Falcons about 5:45 p.m. Tuesday and resigned. Petrino and the team agreed he would not coach the Falcons' remaining three games, a source told ESPN.com's John Clayton.

Negotiations between Petrino and Arkansas are ongoing, the sources told ESPN. Once a deal is in place, Petrino is expected to be paid around $3 million a year, the sources said.

LSU football coach Les Miles, responding to a published report that he had talked with Michigan officials last week, said Tuesday he is not a candidate for the Wolverines' vacant head coaching position.

The Detroit Free Press had reported that Miles spoke Friday morning with Michigan athletic director Bill Martin and university president Mary Sue Coleman, according to several people with knowledge of the call.

In a statement released by LSU, Miles said that was true. But he also clarified that the conversation was not about him.

"I had a conversation with Michigan last week that covered a wide range of topics. I was doing nothing more than helping them with their search for a football coach, just as any loyal alumnus might do. It was nothing more than that," Miles said.