Mikhail Prokhorov is nearing the sale of a 49 percent stake in the Brooklyn Nets with a the right to buy a larger stake to become controlling owner in three years.
Prokhorov is seeking a valuation of the Nets at more than $2 billion.
The sale would not include Barclays Center.
Reuters reported that Alibaba executive Joseph Tsai, who is worth nearly $12 billion, was in advanced talks to buy a stake in the Nets.
Prokhorov previously was attempting to sell a minority stake in the Nets without a clear path to control.