Todd Boehly, a part-owner of the Los Angeles Dodgers, will lead a group set to make a formal bid on Chelsea, according to James Olley of ESPN FC.
The consortium will reportedly also include Swiss billionaire Hansjorg Wyss and at least one other person.
The Premier League club is available after Russian owner Roman Abramovich announced Tuesday he would put it up for sale amid suggestions he and other powerful Russians could have their assets frozen by the U.K. government following the Russian government's military invasion of Ukraine.
Abramovich is a former Russian government official and a former ally of Russian president Vladimir Putin, who ordered the attack on Ukraine.
"I believe this is in the best interest of the club, the fans, the employees, as well as the club's sponsors and partners," Abramovich said in a statement.
Raine Group has been appointed to take care of the sale and imposed a March 15 deadline for offers. According to Olley, Abramovich is seeking at least £3 billion for Chelsea, while Boehly's group values the club around £2.2 billion, which Boehly offered for it in 2019.
Wyss adds significant purchasing power to the latest bid, with Forbes estimating his net worth at $6 billion.
Boehly was part of the Guggenheim Baseball Management group that purchased the Los Angeles Dodgers in 2012 for $2 billion. In 2021, he purchased a stake in the Los Angeles Lakers.
Both the Dodgers and Lakers are among the top 20 most valuable sports franchises in the world, per Forbes, each worth over $3.5 billion. Chelsea was ranked in a tie for 25th at $3.2 billion.
Chelsea has also seen tremendous success in recent years, holding both the Champions League and the Club World Cup titles.
The club's value has likely drawn plenty of worldwide attention since going up for sale. UFC star Conor McGregor is among those who have shown interest in placing a bid.