He will be introduced Tuesday as the newest member of the ownership group at the Kings practice facility, The Sacramento Bee reported Monday.
"What interested me in this deal is the new vision, the new Kings, the new everything," O'Neal told USA Today "I've always wanted to be part of something like this. It's going to be great."
O'Neal retired prior to the 2011-2012 season after four NBA championships and the 2000 league's most valuable player award, and has been an analyst on TNT Channel basketball broadcasts since his retirements.
His is the biggest name among high-profile players aligned with majority owner Vivek Ranadive and the Kings, the newspaper noted. Former Kings star Mitch Richmond is a part owner, and Hall of Fame member Chris Mullin serves as a consultant to Ranadive.