The managing director of Universitas 21, or U21, said today that he expected the consortium's controversial plans for establishing a global online university to reach "a successful conclusion" within the next three weeks.
U21, an elite group of 18 universities, including a number of British institutions, has staked much on its intention to establish an internationally oriented e-university.
The planned institution would market graduate courses, especially in the lucrative area of business studies, with instruction being offered first in the English language, and later in Mandarin and Spanish.
U21 Global, as the venture is tentatively known, would open its cyber-doors for business as early as next year, and market its courses mainly in Asia and South America.
But the online teaching venture, which would be a trendsetter both for the U21 group and for higher learning generally, depends on agreement being reached between the network and its business partner, Thomson Learning.
In order to vouchsafe the process, U21 must first come up with US$25m, while satisfying its own members that the subsequent online venture will be to their individual benefit.
The University of Glasgow's Graeme Davies, the chair of U21, has said that US$20m had already been committed in equity for the venture.
But a number of members are understood to be concerned over both the substantial amounts of money that will be required to set the venture in motion as well as procedural issues concerning how their respective crests and logos will be used in any degrees awarded.
In April, the prestigious University of Toronto pulled out of the consortium, saying that its current aspirations would be inconsistent with the Canadian university's need to protect the reputation of its own degrees.
The University of Michigan also has said that it will not be a part of U21 Global, although it intended to remain with the consortium.
In Australia and New Zealand, where some of the member universities claim to be strapped for cash, it remained unclear how a number of institutions will come up with the US$500,000 each member needs to shell out in order to support the venture.
The University of Auckland, New Zealand's only member institution, did not respond to requests this week for additional information.
But an upbeat Chris Robinson, the managing director of U21, said today that negotiations between U21 and Thomson Learning were proceeding apace, and that there had been contact between the two as recently as Monday.
In an email interview, Dr Robinson said: "A communication from Thomson this week reaffirmed that U21 Global is looked at very favourably at all levels within Thomson and also their optimism that the negotiations will have a favourable outcome."
U21, for its part, remained "very optimistic about the venture, and is eager to work with Thomson to take up the major opportunities it presents," he said.
Dr Robinson predicted a successful outcome to the negotiations by mid July at the latest.