University of Texas President Greg Fenves says the school will build an on-campus basketball arena with a preferred location near the football stadium.
Texas officials have been planning a basketball arena for several years. Expansion of the new medical school will require demolition of the current one.
Fenves announced the plan Friday but no details on the expected size or cost of the new stadium have been revealed.
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The basketball teams now play in the 16,000-seat Frank Erwin Center, which opened in the 1970s. The Erwin Center also has been used as a concert and event venue.
The plan for the arena would put it on a space that is currently a large parking lot near the football and track stadiums.