A high-ranking Texas source said that the ACC has been in contact with Texas, but added that talks hadn't progressed to a mature phase. In fact, the source wasn't sure what other schools the ACC would look to add besides Texas.
Don't take that to mean it won't work.
The ACC is willing to talk about a unique conference format that has intrigued Texas. Instead of divisions, the conference could be divided into four pods, with each pod containing four teams, to aid scheduling.
So don't completely fall asleep on the ACC, although Texas would probably prefer it bring along at least one partner, probably Texas Tech.