Sources: NCAA basketball tournaments set to move to 76 teams - ESPN

The NCAA has initiated the final steps to expand the men's and women's basketball tournaments to 76 teams, sources told ESPN on Tuesday.

The expansion, which has been discussed for well over a year, is on track to be formalized in the upcoming weeks and would begin this coming season. Sources indicated mid-May as a potential timeline for an announcement.

Though there are still steps to take in terms of approvals via various NCAA committees, a source indicated «those are just formalities.»

«They have what they need to move forward,» a source said.

NCAA officials met with media partners for the men's tournament last week, sources told ESPN. The sides were in the final steps of the media contracts, per sources, but they had not been signed.

Once the contracts are completed, the NCAA also would need approval from various committees that include the men's and women's basketball committees, the men's and women's basketball oversight committees, the Division I cabinet and the Division I board of governors.

For the various NCAA committees to vote, the contracts would need to be signed for their approval.

«Expanding the basketball tournaments would require approval from multiple NCAA committees, including the men's and women's basketball committees, and no final recommendations or decisions have been made at this time,» the NCAA said in a statement.

The expansion isn't expected to be a financial windfall for the NCAA and its members, but sources stressed there would be a profit.

The added finances would cover the additional logistics cost for both the men's and women's tournaments, the additional NCAA tournament units that would come into play and still deliver «a modest financial upside.»

Download the ESPN app and enable Pete