The Wall Street Journal said owner Frank McCourt had decided to award the marquee club and its landmark stadium to the Johnson-Cohen group, which also includes St. Louis Rams owner Stan Kroenke.
The group was one of three still in the running for the opportunity to buy the team out of bankruptcy. The sale price was not announced but the Los Angeles Times has said it was expected to be in the neighborhood of $1.5 billion.
Citing a source it did not identify, MLB.com said the deal had already been consummated.
McCourt must close the deal by the end of April. He is obligated to pay his wife, Jamie, a $131 million divorce settlement at that time, the Times said.