Oklahoma's Board of Regents on Friday approved the necessary contractual agreements with both conferences to make the switch. This comes after Texas' Board of Regents this week also allowed UT president Jay Hartzell to sign agreements to move the Longhorns to the SEC.
The schools will join their new league on July 1, 2024.
Oklahoma athletic director Joe Castiglione said Friday's meeting was a necessary step, but he doesn't want to jump too far ahead.
"We have a year of competing there and competing for Big 12 championships before we move on to the SEC, so we want to continue to be very respectful, very positive and a contributing member of the Big 12," Castiglione said. "But obviously, that moves us to do the right things to make sure we're planning every aspect of our transition next year from this summer."
Texas' vote was expected after the Big 12 announced in February it had reached an agreement with both schools to leave a year earlier than planned, leaving behind the $50 million each school would have received over the next two seasons under the Big 12′s media contracts.
Castiglione said realignment in other leagues played a role in the agreement with Big 12 commissioner Brett Yormark to accelerate the process.
"It became more and more apparent to everybody involved that ... it might be to everyone's benefit for us to talk about a path to leave a year early. And I think everybody agrees that for everybody's best interests going forward ... it's a great decision," Castiglione said.