Louisville would be the 14th member of the ACC, replacing Maryland which last week said it was joining the Big Ten. The ACC has filed a lawsuit against Maryland seeking more than $52 million as an exit fee.
The Big East has been roiled by the conference realignment, losing Syracuse, Notre Dame, Pittsburgh and Louisville to the ACC. The Big East also lost West Virginia to the Big 12 and Rutgers to the Big Ten.
Big East members Connecticut and Cincinnati are said to be under consideration to move to the ACC, which would then be a 16-member conference. That figure is considered the optimal size for conferences.
"With its aggressive approach to excellence in every respect, the University of Louisville will enhance our league's culture and commitment to the cornerstones we were founded on 60 years ago," ACC Commissioner John Swofford said.
"The University of Louisville is an outstanding addition to the Atlantic Coast Conference and I commend the Council of Presidents for continuing to position our league for the long-term future.
"If you look at what has been done over the last 15 months, the ACC has only gotten stronger with the additions of Louisville, Notre Dame, Pitt and Syracuse."
The release didn't list a date when Louisville would move to the ACC.