Per reports, the deal could be completed as early as later in the day.
The sale is expected to come in at $2.2 billion, marking a record for the highest sale price for an NFL team. That price would surpass the $1.4 billion for which the Buffalo Bills were sold in 2014.
Tepper will have to sell his five percent minority stake in the Pittsburgh Steelers and have the deal approved by three-fourths of NFL owners (24) at the owners meetings in Atlanta next week.
The 60-year-old Tepper founded Appaloosa Management, a hedge fund company based in Miami Beach (Fla.) and is worth an estimated $11 billion, according to Forbes.
Jerry Richardson, 81, announced he was selling the Panthers in December after the league took over an investigation looking into allegations of workplace misconduct.
Sports Illustrated published a report on Dec. 17 alleging that Richardson sexually harassed multiple women and used a racial slur toward a team scout. The report said the Panthers had reached settlements with at least four former employees regarding inappropriate workplace behavior by Richardson.
Richardson, the franchise founder, ceded day-to-day control of the team in December to Tina Becker, who was promoted to chief operating officer.