The university had previously reached out to Harbaugh earlier this month, but were left with the impression that his intention was to stay in the NFL. Nothing a little money couldn't overcome, right?
According to multiple reports, an offer of $48 million over six years sits on the table for Harbaugh should he choose to return to his alma mater, where he played quarterback. At $8 million a year, Harbaugh would become the highest-paid coach in college football, ahead of even Alabama's Nick Saban, who has won four national championships.
Michigan fired Brady Hoke after four seasons and a record of 31-20, though the Wolverines finished 5-7 this season with losses to Ohio State, Notre Dame and Michigan State.
Harbaugh is under contract through next season with the 49ers but has faced tough criticism as San Francisco stumbled through the 2014 season and were ultimately eliminated from playoff contention last Sunday with the loss to the Seattle Seahawks, 17-7.
The 49ers also suffered a humiliating loss to the Seahawks on Thanksgiving, 19-3, which prompted Owner Jed York to apologize to San Francisco fans via Twitter.
"Thank you #49ersfaithful for coming out strong tonight. This performance wasn't acceptable. I apologize for that," York tweeted.
For Michigan, "Black Monday," the first day after the last game of the regular season when besieged coaches usually receive their pink slips en masse, can't come soon enough.
Follow Matt Wilhalme on Twitter @mattwilhalme