Current Panthers owner Jerry Richardson put the team up for sale in December amid an National Football League investigation into allegations of sexual and racial workplace misconduct. The deal is reportedly worth between $2.1 and $2.5 billion.
The deal would have to be approved at the owners meetings in Atlanta in May. Tepper will also have to sell his minority stake in the Steelers - five percent, per the ESPN report - before the sale goes through.
Eli fake memorabilia lawsuit settled
Manning and the Giants had denied the allegations and characterized the suit as "inflammatory and baseless" in court filings. According to the lawsuit, Manning had texted a team equipment manger that the helmets in question could "pass as game used".
The next step for the billionaire investor is to sell his minority stake in the Steelers and get approved by National Football League owners. For Tepper to be able to take over, at least three-fourths of the NFL's owners must vote to approve him.
Tepper, who is the founder of Appaloosa Management, is worth an estimated $11 billion.
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.