According to The Houston Chronicle, Powers has not yet accepted the offer:
UT System Chancellor Francisco Cigarroa asked Powers to resign before the regents meet again July 10, or be fired at the meeting, the source said. Powers told Cigarroa he will not resign, at least not under the terms that the chancellor laid out Friday. Powers told Cigarroa he would be open to discussing a timeline for his exit, the source said.
Powers' ouster follows the opening of an investigation into UT Law School. Numerous media outlets have reported that the law school was admitting vast numbers of unqualified students who had political connections. Powers was formerly dean of the law school.