It's definitely possible that Michigan and Alabama could help get the 2012 college football season started with a game against each other at a neutral site, but for now it doesn't look like a deal will be happening in the immediate future. From the Mobile Press-Register:
A high-profile football game against Michigan in Dallas is being considered as a possible addition to Alabama's 2012 schedule, but a deal between the two schools is not close to being finalized at this point, a UA source said today. [...]
Deliberations have taken place, but Alabama's opponent for this proposed big-ticket 2012 non-conference game has not been finalized and may not be for some time, the source said. The same goes for the site of the game. UA is still considering Atlanta and Jacksonville, Fla., (two sites where it has recently played non-conference games) in addition to Dallas.
A spokesman for Michigan wouldn't get into specifics involving scheduling, but he did confirm that nothing is expected to happen in the near future.
“We are looking to fill open dates in our future schedules and have been in discussions with multiple schools,” U-M spokesman Dave Ablauf said. “Nothing is currently imminent.”
Even though both sides are saying that nothing is imminent, color me a little skeptical based on how the news broke about the Notre Dame night game in 2011. Shortly before the announcement was made, there were rumblings of a possible night game, but they were sort of shot down because things were supposedly still in the very early stages. What ended up happening is the announcement was made just days later, indicating that things were moving faster than originally thought. I'm not saying that is what will happen with the possible Michigan-Alabama game, but it wouldn't surprise me one bit.