The sisters, natives of Compton, Calif., now live in Palm Beach Gardens, Fla., and would be the latest high-profile investors in the Dolphins, joining music stars Emilio and Gloria Estefan and Jennifer Lopez and husband Marc Anthony, all South Florida residents.
"There's always so many opportunities out there, and Venus and I are always trying to expand our brand and do the best that we can do," Serena told the newspaper. "There have been (preliminary) talks and hopefully it will work out."
Both women love fashion design, with each creating their own line of apparel or accessories.
Additionally, both made Forbes Magazine's Celebrity 100, a ranking of yearly earnings and media visibility.
They have earned nearly $49 million in prize money in their tennis careers.