Fergie is a member of the popular music act Black Eyed Peas. The team's roster of celebrity partners includes Gloria and Emilio Estefan, singers Marc Anthony and Jenifer Lopez, and tennis stars Venus and Serena Williams.
"The owners did approve Fergie's application for ownership today, but there is nothing more to announce at this time as a formal agreement has not been completed," Dolphins owner Steve Ross told the South Florida Sun-Sentinel in an e-mail.
The newspaper said a formal announcement is not expected to be made until Fergie finishes her current concert tour. The Dolphins play home game in Land Shark Stadium.
2014: The Year in Music [PHOTOS]