News of the sale was first reported by The Atlanta Journal-Constitution.
Loeffler, who lost to Rev. Raphael Warnock in Georgia’s historic Senate runoff earlier this month, is a Republican who has already caused controversy at the WNBA by saying she does not support the Black Lives Matter movement. She also called for the depoliticization of professional sports.
Warnock is due to take office as a United States senator on Wednesday.
“As far as the Atlanta Dream is concerned, we understand that the sale of the franchise is nearing completion,” a WNBA spokesman told CNN via email. “As soon as the sale negotiation is completed, additional information will be provided.”
The Atlanta Dream did not comment, according to a team spokesman. CNN also contacted Loeffler’s representatives, but received no response.
Last summer, Dream players released a signed unified statement – on Loeffler’s objection – saying they supported the Black Lives Matter movement.
Despite pressure to sell his part of the team, Loeffler has refused to do so in the past, which encouraged WNBA players to campaign against it. Several Atlanta Dream players were photographed wearing “Vote Warnock” T-shirts in the days leading up to the election earlier this month.
Warnock’s victory meant that he became Georgia’s first black US senator. He was also Georgia’s first Democrat elected to the US Senate in more than 20 years.
NBA superstar, LeBron James tweeted on January 6 that he was thinking of forming a group of owners to buy Dream.