The deal would start with a game in 2008 in Athens. Georgia would then travel to Cincinnati where the game is expected to be played Paul Brown Stadium, home of the NFL's Cincinnati Bengals.
Cincinnati would return to Athens for another game in 2014.
Outgoing Bearcats athletics director Bob Goin confirmed the deal Sunday to the Cincinnati Post, and Georgia sports information director Claude Felton told the Telegraph the two schools are discussing a series.
The deal isn't expected to be finalized until after Dec. 1 when Cincinnati's new athletics director takes over.
The 2008 meeting would be the third between the two teams, who last played in 1976 when the Bulldogs won 31-17 in Athens. Georgia beat the Bearcats 35-13 in 1942 in Cincinnati.
Cincinnati is a member of the Big East and finished 4-7 this year.