Rapper and entrepreneur Diddy, alongside Charlotte native and Golden State Warriors player Stephen Curry are said to be among a "diverse" group that an e-commerce billionaire is putting together to purchase the Carolina Panthers.
Hedge fund billionaire David Tepper and Ben Navarro, the founder and CEO of Sherman Financial Group, are the others.
Forbes magazine has valued the Panthers at $2.3 billion, while pegging Rubin's net worth at $3 billion.
On Tuesday, ESPN's David Newton reported that billionaire Rubin has turned towards the National Basketball Association and Hollywood to put together a group of investors to support his bid.
Sean Combs tweeted in December that he would like to buy the Carolina Panthers after previous owner Jerry Richardson was forced to sell the team following sexual harassment allegations. The NFL requires a majority owner to put up 30% of the sale price.
The team was put up for sale at season's end by founder Jerry Richardson, who is being investigated by the National Football League for allegations of workplace misconduct.
Shortly after the Panthers were put up for sale, Diddy first revealed his interest in buying the franchise by tweeting "I would like to buy the Panthers". If Rubin's name sounds familiar it's because he is the owner of the sports apparel retailer Fanatics, co-owner of the 76ers, and he has lobbied to get Meek Mill released from prison. "Nothing really to say about it besides that I'm very interested and very willing to do what it takes to make that happen".
Official bids are expected to begin coming in over the next couple of weeks. A number of sources added that the earliest date that they would be expected to do that would be during meetings held in Atlanta this May. The winning bidder would need the approval of three-quarters of the NFL's 32 team owners.