Mullen, 45, will replace former coach Jim McElwain after he was sacked on October 31 in the wake of Florida's 42-7 loss to Georgia that dropped the Gators' record to 3-4.
"But hey, money talks", Prescott said.
Mullen, who is 69-46 in nine years at Mississippi State, would be returning to the school where he made his name as an offensive coordinator on two national title teams under Urban Meyer. One of four players in FBS history and the second player in SEC history (Tim Tebow) to throw for 70 touchdowns and rush for 40 touchdowns in a career. Florida football was looking for a change of direction after Will Muschamp and the former Colorado State coach seemed to be the answer. Mississippi State will play in a bowl game for the eighth straight season.
Mullen also has a history at Florida. Kelly took the UCLA job last week and Frost reportedly turned down Florida's overtures on Sunday morning.
Report: Florida finalizing deal with Dan Mullen
Jim McElwain was supposed to change things in Gainesville.
Mullen has also been linked to the Tennessee Volunteers head coaching vacancy to replace Butch Jones, so it looks like if he does opt to move on from Starkville he will remain in the SEC.
Mullen worked with Florida athletic director Scott Stricklin when Stricklin had the same gig in Starkville, and the prestige of Florida's program dwarfs that of Mississippi State. Florida finished its season 4-7 after Saturday's 38-22 loss to Florida State.
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UCLA finalizing deal with Chip Kelly
Kelly finished his time at OR with a 46-7 record as head coach (2009-12), including victories in the Rose Bowl and Fiesta Bowl. Kelly, now an analyst at ESPN who turned 54 Saturday, went 46-7 at OR , which averaged 44.7 points a game during that span.