HOUSTON, TX -- FOX 26 Sports has learned University of Houston athletics director Mack Rhoades received a new five-year contract earlier this year that according to sources pays him nearly $500,000 per year.

Sources with knowledge of the contract also told FOX 26 the deal includes an incentives package.

Rhoades is traveling to the Conference USA meetings in Florida and not available for comment.

When asked about Rhoades' new deal Dave Reiter, associate athletics director for communications, confirmed Rhoades signed the new contract in January, but declined comment on the specifics.

"I am very grateful to (UH chancellor/president Dr. (Renu) Khator and her commitment to our entire athletics department," Rhoades said in a statement released to FOX 26 Sports. "I have always appreciated how proactive she has been with me and our sport programs here at UH and I know we both share the same long-term vision for what UH can and will become."

The Houston Chronicle reported on Friday that Rhoades is a candidate to become the next athletics director at Texas A&M.

"I am very happy at the University of Houston and certainly appreciate how diligently our student-athletes, coaches and staff have worked to create a championship culture," Rhoades said in his statement.

"One byproduct of that success is other programs take notice and it's flattering. We have schools reach out about our people all the time, but as for me, I have not spoken to anyone about another job. My complete focus is on the University of Houston. We have accomplished a great deal in a short period of time, but the road is just beginning."

Rhoades has been at UH since 2009.

His accomplishments at the school include getting the funds for a new football stadium and a renovated Hofheinz Pavilion and leading the Cougars into the Big East Conference.