The state College Board will meet at 2 p.m. Friday to discuss "a University of Mississippi personnel matter," as talks continue over whether the board will reverse itself and renew the contract of Chancellor Dan Jones.

It's unclear whether the meeting signals that an agreement has been reached.

Individuals informed by people directly involved in negotiations say trustee representatives proposed a two-year contract extension to Jones, instead of the usual four-year contract. The individuals spoke on condition of anonymity because they weren't authorized to discuss the sensitive negotiations publicly.

Under the proposal, Jones would make a public apology to trustees.

The 12-member board has faced heavy pressure since announcing last week it would cut ties with Jones over concerns about financial management at the University of Mississippi Medical Center.