The men's program has won four national championships since 1999, the last one coming in 2014 - in its first season in the American.
A possibility for the American in replacing UConn would be to add Army or Air Force as a football-only school, like it now has with Navy, and then add a successful basketball program.
The storied University of CT basketball program will be rejoining the Big East Conference according to reports. The Huskies have AAC football games scheduled for this upcoming season but would have to find another conference or operate as an independent program by 2020.
Fans have placed much of the blame on the school's conference situation.
When the old Big East broke apart in the surge of conference realignment in the early part of this decade, several schools moved to Power 5 conferences - Syracuse, Pitt, Louisville and Notre Dame to the Atlantic Coast Conference, Rutgers to the Big Ten and West Virginia to the Big 12.
Should UConn go through with its expected withdrawal from the AAC, the school would be subject to a $10 million buyout. Though the university is awaiting and fully expecting an official invitation from the Big East, an announcement of the Huskies' move is forthcoming.
The website Digital Sports Desk first reported the story.
When contacted by the Hartford Courant, the university released a statement. Dropping the program is not being considered.
UConn was an original member of the Big East conference that formed in 1979. "With that being said, we have been and remain proud members of the American Athletic Conference".
UConn's move would affect the rest of its athletic programs. However, the women's basketball program would also prefer to leave the AAC, and Hall of Fame coach Geno Auriemma has privately pushed for the move as well, the source added.
This makes for a very interesting situation overall, but one that basketball-starved Huskies fans have to be thrilled about.