The expansion would enclose the southern end of the stadium with a multilevel stand. Now, only a relatively small, bleacher-style stand and the Moncrief-Neuhaus Athletic Center sit in the stadium's southern end.
The stadium current seats just over 100,000.
A UT statement on Monday said the review will consider aspects such as financing and where parking and fan amenities displaced by the new Dell Medical School can be placed. The medical school is to be built just south of the stadium.
Any decision on whether to proceed with stadium improvements lies with the university administration and UT System regents.