According to this article from the IndyStar, the Louisville Cardinals will finally face the Indiana Hoosiers again in basketball in the 2014-15 season! It will be apart of the Jimmy V Classic at Madison Square Garden on December 9, 2014! They have not played each other since the 2002-2003 season.
The article does note that there is a contract for this game, but until ESPN finalizes the game, it is premature to call it official. This is still way more progress than we have seen before, so it should be very exciting if it happens!