After his 2PM appointment with athletic director, Dave Brandon, Fox 2 in Detroit as well as ESPN.com reports that Rich Rodriguez has indeed been fired.
No news as to who the replacement is going to be at this juncture. I'll make updates to this article as I find them.
UPDATE 2:46 CST: Adam Rittenberg Via Twitter:
RT @mikerothstein: Rita Rodriguez and kids just walked into schembechler [hall]. Said she hadn't heard anything
RT @Rosenberg_Mike: CANNOT confirm RichRod HAS been fired. Meeting ongoing. But he will be fired today
4:47 CST: There's really nothing new. ESPN sources seem convinced that Rich Rod is gone but people via the twitters are reporting nothing "Official." Still, it's hard to believe that something that has this much steam behind it is entirely fabricated.
That being said, I would discount this as "news" until something more reliable comes out. As mentioned below, news sources want to be the first to break a story so they release something as "fact" before actually confirming it.
I'll try to stay on top of things here and post updates as much as I can.