The source said a formal announcement of the transaction, which reportedly has a price tag of $189 million, would be announced in the near future.
WGRZ-TV said while the sale was not yet on the agenda of the NHL's Board of Governors, Commissioner Gary Bettman confirmed the Executive Committee met with Pegula Saturday.
"No votes were taken this was just a preliminary step," Bettman said. "I believe he's somebody who has the wherewithal to own a franchise."
Pegula made his fortune in energy development and sold his company, East Resources, last summer to Royal Dutch Shell for nearly $ billion.