From Steve Yanda, at the Washington Post's Cavaliers Journal:

Steve A. Garban, chairman of Penn State’s Board of Trustees, reached out to gauge Virginia Coach Mike London’s interest in succeeding Joe Paterno on Wednesday, before the board announced the firing of the Nittany Lions’ longtime coach, according to a person with direct knowledge of the situation.

The person, who requested anonymity because he was not authorized to speak publicly on the matter, said London has no interest in leaving Virginia and declined the overture. In fact, the person said, London would prefer to sign an extension to remain with the Cavaliers beyond the terms of his current five-year contract, which expires Dec. 7, 2014.