Jim Harbaugh may not be returning to the NFL after all.

Harbaugh has been offered a five-year contract extension worth $11 million a year, according to Sports Illustrated college football reporter Richard Johnson.

The reported offer comes amid rumors that NFL teams like the Bears and Panthers could target Harbaugh this offseason to be their next head coach.

Harbaugh, who coached the 49ers to a Super Bowl berth prior to guiding Michigan, has been linked to the NFL while the Wolverines have asserted themselves as a national power.

The 59-year-old even interviewed with the Vikings prior to the 2022 season.

The extension talks also come while Michigan has faced much national scrutiny over an alleged sign-stealing scheme that was helmed by former Marine Connor Stalions.

While Harbaugh repeatedly denied knowledge of the matter and while no evidence has yet come out indicating otherwise, the Big Ten suspended the Wolverines’ coach for the team’s final three regular season games against Penn State, Maryland and rival Ohio State.

In October, when news of the scandal first broke, Harbaugh issued a statement saying he had not “directed any staff member or others to participate in an off-campus scouting assignment.”

“I have no awareness of anyone on our staff having done that or having directed that action,” the statement continued.

Harbaugh’s turnaround at Michigan the last several years has been something to behold.

He was on the hot seat to possibly lose the job after Michigan went 2-4 in the pandemic-shortened 2020 season, and Harbaugh’s teams had repeatedly failed to defeat Ohio State.

Harbaugh took a pay cut in early 2021, lowering his base salary from $8 million to $4 million per year.

His pay was raised when he inked a five-year deal worth about $36 million in 2022.

In the last three seasons, Michigan has won each matchup against the Buckeyes, as well as the Big Ten championship and earned a berth in the College Football Playoff.