If approved, she would be the first woman to head the Knoxville campus, and would likely start March 1.
UT President Joe DiPietro announced Davenport's selection in November.
Davenport stands to make $585,000 along with a housing reimbursement and expense account, according to an offer letter dated Sunday. At Cincinnati she makes more than $600,000.
Davenport would replace Jimmy Cheek, who will serve until his replacement takes over and then play a role in higher Educational Leadership and Policy Studies in the university’s College of Education Health and Human Sciences.
Cheek, who announced in June that he was stepping down, earns $447,500 annually. He's been chancellor since 2009.