Anderson has a history with the Razorbacks, having been an assistant coach under Nolan Richardson for 17 season, including being on the sidelines for the 1994 national championship team.
He is currently in his fifth season with the Tigers and signed a 7-year extension following an Elite Eight run in 2009. Based on the extension, Anderson has a base salary of $1.6 million and has incentives worth as much as $2.2 million per year.
In his five seasons in Columbia, MO, Anderson is 111-56 (66.5 win percentage) and including his four years as head coach of the UAB Blazers is 200-97 overall.
Pelphrey just finished his fourth season as Razorback head honcho, accumulating a 69-59 record (53.9 win percentage) but finished below .500 in two of the four seasons.
Neither Anderson nor Missouri will comment on the speculation, and word shouldn't come out of Mizzou camp until after their season is complete.