Commissioner Gary Bettman told reporters in Glendale, Ariz., the tentative deal will likely become official in "weeks as opposed to months."
The status of the NHL-owned Coyotes has been uncertain since 2009, when former owner Jerry Moyes filed for bankruptcy. Various suitors since then have come and gone, with some proposing to move the team from Phoenix.
The news came as the Coyotes were on the verge of eliminating Nashville in the Western Conference semifinals and reaching the conference finals for the first time in franchise history.
They held a 3-games-to-1 lead heading into Monday's Game 5.
"At the end of the day, we didn't want this to be a distraction" from the pending playoff game, Jamison said hours before the pivotal contest.