The board also named Oklahoma City-based Studio Architecture as engineering consultant and Tulsa-based Crossland Construction as the construction manager for a new track facility.
The building would be a part of the university's long-delayed Athletic Village, a group of proposed athletic facilities that would be located just north of Boone Pickens Stadium.
The university has begun construction on the Sherman Smith Training Center, an indoor practice facility that will be a large piece of the village.
University officials in November 2005 announced plans to move forward with more than $200 million in projects. Those proposed projects included new facilities for track, tennis, soccer and other sports.
Also at Friday's meeting, the board elected Lester to replace Regent Jay Helm as chairman of the board, and Link to serve as vice chairman.