King, 53, in a statement released to The Atlanta Journal-Constitution Sunday, said a successful purchase would improve diversity among owners in professional sports.
There are no African-American owners of major league baseball teams.
"I believe in the merit and American value of creating an example," King said. "And if I personally, or as part of a collective, can advance the vision of a more diverse ownership group in professional sports, domestically or internationally, then, like my father, I am prepared to act in that spirit."
King is the eldest son of slain civil rights leader Martin Luther King Jr.
The newspaper said King, through a spokesman, declined to elaborate on a report he is working with potential lenders in the proposed deal.
The National League ballclub said Friday it may sell 25 percent of the team.
Television executive Larry Meli said he and a group of investors want to purchase at least 50 percent of the team.