The Mountaineers have played in and won three BCS bowls the past seven years.
The Big East countered by filing its own lawsuit against WVU in Rhode Island in November. The Big East wanted a Rhode Island judge to force WVU to abide by the 27-month waiting period and accused the university of violating the bylaws with its inappropriate exit.
The two sides have engaged in various mediation and court sessions in both West Virginia and Rhode Island since filing their lawsuits.
Sources told the Daily Mail the university believed it had made a "generous" offer and would hold firm to that figure. The source said WVU had no intention to compete in a Big East schedule for any of its sports that were eligible for Big 12 competition in the 2012-13 seasons.
The source said it was ultimately up to the Big East to accept the offer or to further litigate the matter and risk a judgment that could generate a lower final figure.
During a Wednesday conference call to discuss the University of Memphis' addition to the conference, Big East Commissioner John Marinatto avoided questions about the lawsuits and any negotiations.
According to multiple media reports, Marinatto reiterated the conference's previous stance on its three departing members.
"West Virginia, Pittsburgh and Syracuse are members of the Big East Conference, as I've stated many times, until July 1st of 2014," he said.
Marinatto declined to comment beyond that.
Contact sportswriter Mike Casazza at mi...@dailymail.com or 304-319-1142. His blog is at blogs.dailymail.com/wvu.