According to Kirk Bohls in Austin American Statesman, it looks like both WVU and UofL will make pitches to the Big 12 next week.
Here are some of the quotes from the article:
"We're going to let both of them make a formal pitch next week," the second official said. "Our board of directors is meeting next week. People have tried to keep Missouri, but they're trying to get out as fast as they can."
"West Virginia is still a strong option," the administrator said . "It's going to be at least several days before we have an answer. But don't guess (the identity of a new Big 12 member). We don't even know either who it's going to be. Everybody who's saying it's West Virginia already is just speculating."
A high-ranking official a third Big 12 school said the league was divided about whether to invite West Virginia, based on its premier football program and greater athletic success, or opt for Louisville, a marquee basketball school in closer proximity to all Big 12 members.
He said he believes Oklahoma, Texas Tech, Baylor and Iowa State favor Louisville while Texas is one of the schools that prefers West Virginia.
The athletic director added that the Big 12 still has not reached an agreement on whether it wants to continue with 10 schools or 12 schools.