If an agreement is set, the owners can make the sale official with a vote at next weeks owners meeting in Atlanta, GA.
At $2.2 billion, the sale of the Panthers would be the highest anyone has paid for an National Football League team. The purchase has to get the approval from the National Football League financial committee and then three-fourths approval from the 32 team owners.
Tepper, who is the founder of Appaloosa Management, is worth an estimated $11 billion.
Here are six things to know about Carolina's new owner.
According to Ian Rapport of NFL Network, Tepper would like to see the Panthers stay in Charlotte.
The Carolina Panthers were put up for sale last season, following sexual harassment and racial misconduct allegations against owner Jerry Richardson.
The 60-year-old Tepper was born in Pittsburgh, attended the University of Pittsburgh and earned an MBA from Carnegie Mellon in 1982 - the business school now dons his name.