Alabama offensive coordinator has been named the new head football coach of the Texas Longhorns, the school announced Saturday.

"This is a unique and compelling opportunity to lead this storied program to the next level, competing once again amongst the best in college football," Sarkisian said in a statement Saturday.

He will stay in his current role through the end of the season as Alabama faces Ohio State in the College Football Playoff National Championship Game on Jan. 11, sources told ESPN.

Sarkisian will succeed Tom Herman, who was let go earlier Saturday after going 32-18 in four seasons at Texas and 7-3 this season.

"Steve Sarkisian is one of the top offensive minds in the game of football, which he has proved over and over during his time with USC, Atlanta, and most recently, Alabama," Texas athletic director Chris Del Conte said in a statement. "We are confident our players and coaches will thrive under his leadership and in response to his energy and passion for the game."

Sarkisian, who compiled a 47-35 record as a head coach at USC and Washington, won the 2020 Broyles Award as the nation's top assistant. Prior to joining Alabama in 2019, he was the offensive coordinator of the NFL's Atlanta Falcons for two seasons.

"We are excited to have Steve Sarkisian join us and lead the next chapter of our football program," said Kevin Eltife, chairman of the UT System Board of Regents. "University of Texas football has a long and proud history of competing at the highest levels within our conference and nationally, and he brings with him the coaching caliber and championship experience needed to restore this kind of excellence to our program."

Sarkisian, who is making $2.5 million per season on Nick Saban's staff with the Crimson Tide, declined overtures from Auburn in its head-coaching search last month and turned down the Colorado head-coaching job last year.

He is the first assistant coach hired by Texas to lead its program since 1951, when the Longhorns promoted Ed Price to the role.

"On Jan. 4, 2006, I was the USC quarterback coach when we played Texas in that famed national championship game. There has always been something special about Longhorn football, its history and traditions -- not just on that day -- and I could never have imagined that 15 years later, I would join the Longhorns as their head coach," Sarkisian said in a statement.

Texas and Alabama are scheduled to play a home-and-home series in 2022 and 2023.

"Hiring Steve Sarkisian represents a critical investment in our football program's future, not just for our student-athletes, but for all of Longhorn Nation," university president Jay Hartzell said. "Our entire community benefits from a healthy and successful athletics program, and naming Steve as our coach infuses our football program with the necessary guidance and expertise to drive further success."

ESPN's Adam Rittenberg and Chris Low contributed to this report.