More to come... 

UPDATE:  Apparently The Oklahoman has confirmed the firing through a university source.

UPDATE #2:  Official statement from Boren and OU

"After careful consideration, it has been determined that our men's basketball program would be best served by a change of direction," Castiglione said. "Therefore, we are making a change in the head coaching position. Jeff Capel has worked diligently on our behalf, and for that we are appreciative. He has many outstanding qualities and we wish him success as he moves forward.

"As we look to the future, we do so with a great university, a proud tradition in basketball, continued commitment to excellence in all areas and some of the country's finest facilities. We expect that those qualities will play an important role in our search for a new coach. We're ready to embark on that process."

OU President David L. Boren thanked Capel for his contributions.

"The decision that has been reached is in the best interest of both Coach Capel and the basketball program. I appreciate Jeff's hard work and commitment as head coach and wish him well in the future," he said.