(AL.com) -- The Gus Bus is staying parked on the Plains.
After interest from Arkansas, Gus Malzahn has agreed to a new contract at Auburn, two sources with knowledge of the situation confirmed to AL.com
The sources, who spoke on condition of anonymity because the deal had not been formally announced, said it is for seven years and $49 million. Malzahn's existing contract at Auburn was for $4.725 million annually through 2020.
Auburn confirmed it "agreed to the broad outlines of a new contract" with Malzahn and the sides "expect to finalize details" in the coming days.
"Strength and stability go hand-in-hand, and we have both in coach Malzahn," Auburn president Steven Leath said in a statement. "We're excited for the future of Auburn football. This means a lot to the Auburn family."
CBS reported Arkansas' offer was for seven years and $50 million, which AL.com confirmed on Sunday.
In his five years at Auburn, Malzahn is 45-21 overall and 25-15 in SEC play with one SEC Championship, two SEC West division titles, a nationally runner-up finish in 2013 and two New Year's Six bowl appearances.
This season, Auburn defeated rivals Georgia and Alabama when they were each ranked No. 1 in the College Football Playoff to win the SEC West.
Auburn players reacted to the reports that Arkansas will make a run at coach Gus Malzahn and addressed his future with the program.
Following Saturday's SEC Championship Game, which Auburn lost to Georgia 28-7, Malzahn repeatedly said, "I want to be" Auburn's coach in 2018.
Auburn Undercover first reported the new contract for Malzahn, who repeatedly stated he was "planning" on being at Auburn in 2018 and grew agitated when pressed for specificity during a teleconference for the Peach Bowl Sunday night
"I told you last night that's where I wanted to be and nothing's changed," Malzahn said on Sunday. "I'm planning on being the coach at Auburn next year. I thought that was the last question we were going to ask about all that."
Earlier Sunday, Malzahn, running backs coach Tim Horton and offensive line coach Herb Hand were in Memphis visiting three-star offensive tackle Jerome Carvin.
No. 7 Auburn (10-3) will play No. 12 UCF in the Chik-fil-A Peach Bowl at Mercedes-Benz Stadium in Atlanta on Jan. 1.