Tampa Bay Buccaneers has been looking for a coach since Raheem Morris was fired.
Schiano had not met with his players or staff at Rutgers, but a 2 p.m. meeting is set.
"I don't really want to talk about it," said one source. "Still waiting on a team meeting. It is what it is."
This isn't Schiano's first dalliance with another job. He was set to become Michigan's coach in 2006 but at the last moment opted to remain at Rutgers.
The move comes a week before signing day, and as Rutgers puts together arguably its best recruiting class in school history when it comes to the overall quality.
However, other schools already called Rutgers recruits, and some of Rutgers' committed prospects are saying they will begin to look at other options.
"I have to start looking at other schools," Saddlebrook (N.J.) High linebacker and Rutgers commit Steve Longa said. "If coach Schiano is gone, then I don't know ...I tried to call and they didn't answer."
Before his time at Rutgers, Schiano's highest held position at the professional level was defensive backs coach of the Chicago Bears for one season.
"If true, I think it is a great opportunity for him and his family," former Rutgers coach Mike Teel said. "As a RU guy, it's never easy to see someone like that leave, but if he does, he's left Rutgers a heckuva lot better than when he got there."
Schiano has a .500 record in 11 seasons at Rutgers after rebuilding a program that was a joke in eastern college football. He led Rutgers to its first bowl victory in 2006, winning multiple Coach of the Year honors, and helped lead Rutgers to the longest active win streak, while putting more than a dozen players in the NFL.
The news comes less than one week from National Signing Day. Rutgers was in line for its best recruiting class in the modern era, after securing verbal commitments from two top offensive linemen and a top middle linebacker in the past two weeks.
ScarletReport.com will continue to follow this developing story.