The deal is for a reported $2.2 billion to $2.3 billion, according to Ian Rapoport of NFL Network, who added that Tepper is expected to be approved by NFL owners at their meetings in May. The 60-year-old will also have to sell his 5 percent share of the Steelers before completing his deal with the Panthers, which is expected to close in July.
"I am thrilled to have been selected to be the next owner of the Carolina Panthers," Tepper said in a team-issued release. "I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas."
Panthers founder and current owner Jerry Richardson agreed to sell the team after reports of workplace misconduct against him became public in December.
"Bringing the Panthers and the NFL to the Carolinas in 1993 was enormously fulfilling for Rosalind and me and all of our partners. We are deeply grateful for the outpouring of support over the last 25 years," Richardson said in a statement.
"I look forward to turning the stewardship of the Panthers over to David Tepper. I have enjoyed getting to know him in this process and am confident that he will provide the organization with great leadership in both its football and community initiatives."