Ross bought 49 percent of the team and Dolphins Stadium in 2008 for $550 million. The Miami Herald Tuesday said Huizenga would retain 5 percent interest in the team in a deal that may be worth as much as $1.1 billion.
The report said team executive vice president Bill Parcells, who guided the Dolphin's single-season worst-to-first turnaround in the AFC East, will have a month to decide whether he will remain with the team.
Parcells has three years left on a $16-million contract, which allows him to leave the team without forfeiting any salary if the Dolphins are sold.
Huizenga has said he believes Parcells will stay on as executive vice president.