Garvey and fellow former Dodgers star Orel Hershiser are part of a prospective ownership group that is said to include other ex-players and deep-pocketed backers.
He told ESPN Radio in Los Angeles he and his group are seeking pre-approval from Major League Baseball for their bid, which will be made to the U.S. Bankruptcy Court after embattled current owner Frank McCourt agreed Tuesday to sell the team.
"We feel we're capitalized to be in the game," he told the broadcaster. "We don't know what the final number will be. We have to be able to look at the books, look at future potential revenues and make a sound business decision.
"With that said, this is a baseball deal for us."
Asked if billionaire Los Angeles supermarket magnate Ron Burkle were among his backers, Garvey neither confirmed nor denied it.
"We met with Ron, I like Ron. He is a quality individual. I can't go any farther than that right now," Garvey said.
The Los Angeles Times said the sale, which must be approved by a bankruptcy court, will involve the team and its media rights as well as Dodger Stadium and its parking lots. McCourt purchased the assets in 2004 for $421 million.
"The Los Angeles Dodgers and Major League Baseball announced that they have agreed today to a court supervised process to sell the team and its attendant media rights in a manner designed to realize maximum value for the Dodgers and their owner, Frank McCourt," the Dodgers and MLB said in a brief written statement.
The Blackstone Group LP will manage the sale, the statement said.