The Times reported Monday two people familiar with the sales process confirmed Patrick Soon-Shiong's decision to join Cohen.
Neither Cohen nor Soon-Shiong, a doctor, biotech investor and philanthropist, could be reached for comment.
The addition of Soon-Shiong to the group adds prominent local support to Cohen's bid, the Times said. Magic Johnson also is seeking to buy the Dodgers.
The Times, citing sources, said Soon-Shiong has held several meetings with Frank McCourt since the Dodgers were put on sale in November.
The newspaper said Soon-Shiong, who bought a minority share in the Los Angeles Lakers two years ago, had been expected to join the bidding team led by Johnson.
Sources said Soon-Shiong would have an undetermined minority share in the Dodgers.
Cohen's net worth was estimated at $8.3 billion; Soon-Shiong's, $7.2 billion this month by Forbes magazine.
A source told the Times Cohen is prepared to spend nearly $2 billion, none of which he'd have to finance, to buy the Dodgers and renovate their stadium.