"They made a serious offer," the source said "(Athletic Director) Joe (Alleva) is meeting with his (Miles') agent and the discussion is ongoing."
Miles has a connection with Arkansas athletic director Jeff Long when the worked together at Michigan. He also worked from 1998-2000 as an assistant coach with the Dallas Cowboys, owned by Arkansas alum Jerry Jones, which might explain how the Razorbacks could afford a huge offer.
(via The New Orleans Times-Picayune)