The Corcoran Gallery of Art and its college may become part of George Washington University under a plan announced Wednesday, Inside Higher Ed reported.

As part of the proposed plan the university will assume ownership of the landmark Beaux-Arts home of Washington D.C.'s oldest private art museum, near the White House, and the College of Art and Design would become part of the university, ceasing to exist as an independent institution, The Washington Post reported.

The key components of the Corcoran Gallery of Art- artwork, historic building and school program - will be taken over by the private university and the National Gallery.

"The George Washington University will work with the Corcoran to create a world-class arts education program in close affiliation with the National Gallery of Art," George Washington University President Steven Knapp said in a statement. "Such a program, situated in this iconic Washington landmark, will offer unparalleled opportunities for students and scholars, and provide a powerful 3 of 3 new focus for the arts in the heart of the nation's capital."

The proposed arrangement among the three institutions comes as the culmination of a five-year effort by the Corcoran's Board of Trustees to preserve the museum building as both a museum space and a home for the College and to ensure the future of the Corcoran collection as a treasure accessible to all, according to a press release.

The Washington Post reported that under the proposed plan, the National Gallery would take initial responsibility for Corcoran's 17,000 pieces of art and, would acquire a large fraction of them. The rest would be donated to museums around the country.

The proposed move "outlines a dramatic solution to a financial emergency and an identity crisis that have plagued the beloved institution, off and on, for generations," The Washington Post reported.

Peggy Loar, interim director and president of the Corcoran Gallery of Art and Corcoran of Art and Design, said the plan would open important new possibilities for the area.

"The Corcoran's great cultural, educational and civic resources that are at the heart of this city will not only remain in Washington but will become stronger, more exciting and more widely accessible, in a way that stays centered on the Corcoran's dedication to art and mission of encouraging American genius and opens the galleries free to all. We are deeply grateful for the bold imagination of the boards of all three institutions for working to make this outcome possible," Loar said.

The announcement of the plan noted that details remain to be worked out.