CHARLOTTE - Billionaire David Tepper is finalizing a deal to purchase the Carolina Panthers for about $2.2 billion cash, sources tell NBC Charlotte.

The deal is not official yet, but on Friday NBC Charlotte reported an announcement could come as early as Monday. On Monday a source said: "I don't think it's very long until we hear more."

Tepper must still be voted in by three-fourths of the league's current owners. That vote could take place at the NFL meetings in Atlanta May 21-23.

Tepper, a hedge fund manager who currently owns 5 percent of the Pittsburgh Steelers, is worth about $11 billion according to Forbes, and would pay for the deal in cash, according to a source.

NBC Charlotte reported earlier this month that the race was down to two bidders -- Tepper and Charelston's Ben Navarro.

Navarro, who's global financial services firm Sherman Financial is worth $2 billion, reportedly bid $2.6 billion on the team, and as of last week was still seeking limited partners to pitch in, even NFL legend Peyton Manning according to one report.

Tepper's wealth, and league connections as a current minority owner, made him a strong candidate -- one that could easily pay for the franchise, and be voted in by the other league owners by the meetings.

At $2.2 billion, the sale of the Panthers would be the highest anyone has paid for an NFL team. The previous record was the $1.4 billion the Pegula family paid for the Buffalo Bills in 2014.

Tepper would become the NFL's second-wealthiest owner, behind Seahawks owner Paul Allen, who Forbes estimates to be worth $15 billion.