According to the Los Angeles Times, offers for the team could reach up to a record $2 billion.
Sterling may be attempting to sell the team before the NBA meets on Tuesday to vote about terminating her and husband Donald Sterling's co-ownership of the franchise.
Bank of America has been retained by Sterling to handle the sale of the team.
Potential buyers include a group led by David Geffen and Oprah Winfrey, as well as another team of investors highlighted by former NBA All-Star Grant Hill and billionaires Tony Ressler and Bruce Karsh.
Although there was a Wednesday deadline to submit bids, it has been speculated that some groups received extensions to submit bids on Thursday.
"We were told this was the only bid process that would exist and that they are going to make a decision based on these initial offers," a representative from a prospective buyer, told the Times. "It's hard to believe they are not going to come back and try to get some extra money out of people after the first round. But that is what they said."
The Milwaukee Bucks sold for $550 million earlier this month and the Clippers will likely go for much more.