The Cotton Bowl has hosted every Oklahoma-Texas game since 1929. The aging facility will continue to be the site of the Red River Rivalry until at least 2015.
The Dallas Morning News reported on its Web site Thursday night both universities have agreed to extend the contract.
OU Associate Athletics Director for Communications Kenny Mossman said the school would not comment until today.
The decisions ends months of speculation of whether the game would move into the Dallas Cowboys new stadium in Arlington, Texas, or move to a home-and-home series.
The current contract was set to expire following the 2010 game.
The City of Dallas and State Fair of Texas have lobbied hard to keep the game at the Cotton Bowl. The 77-year-old stadium has received $20 million in renovations in recent years. Dallas voters also approved additional funding for another $30 million in improvements in 2006.
The seating capacity, which is currently 79,000, is expected to expand to more than 90,000 in the coming years.
The Sooners and Longhorns will meet for the 102nd time Oct. 6.
OU Sports
Red River rivalry staying put
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