On Wednesday Texas A&M officials notified the Big 12 of their intention to seek a new conference, setting up a likely move to the SEC.

Aggies president R. Bowen Loftin, sent a letter to the Big 12 informing the conference that their affiliation with the University will end effective June 30, 2012—if the university’s application is accepted by the new conference.

Despite the SEC publically stating that it’s their intention to remain a 12 team conference, a high-ranking SEC official recently notified the Sporting News that the Aggies invitation could come quickly.
The Sporting News further states that A&M would prefer the invitation come before the start of the season.
“After much thought and consideration, and pursuant to the action of the (Texas A&M University System) Board of Regents authorizing me to take action related to Texas A&M University’s athletic conference alignment, I have determined it is in the best interest of Texas A&M to make application to join another athletic conference,” Loftin wrote to Big 12 commissioner Dan Beebe in a letter Wednesday.
The Aggies however aren’t getting away from the Big 12 without penalty. It is expected that Texas A&M will be hit with a $12-$15 million dollar termination fee for leaving the conference, money that the Big 12 will likely use to lure another school.
Among the potential targets to replace Texas A&M include BYU, TCU, Notre Dame, Pitt and possibly Arkansas though at this point it is very unlikely that Arkansas leaves the SEC for a fledgling Big 12.
The SEC will also need a 14th if they were to get Texas A&M. Some of the teams they could potentially target include Virginia Tech, Louisville, Missouri and Maryland.
Source: Sporting News