The singer-turned-actor, who was born in Tennessee, is said to be interested in investing in the Memphis Grizzlies.
According to local news site Commercialappeal.com, Timberlake has agreed to become a shareholder in businessman Robert Pera's syndicate to buy the NBA team.
In June, Pera agreed to purchase the team and is currently undergoing the standard vetting procedures outlined by the NBA. The current majority owners of the club need to decide whether to approve Pera's reported $350m (£218.75m) offer before the agreement is deemed official.
Timberlake, who is reported to be "in the early stages" of planning his wedding to actress Jessica Biel, has invested in several projects in his hometown in recent years.
The 'Sexyback' singer ploughed money into Big Creek Golf Course near Millington to transform it into a modern, eco-friendly centre now named Mirimichi and has donated hundred of thousands of dollars in an effort to preserve Memphis's musical heritage.
If Timberlake's Grizzlies investment goes ahead, he will join Jay-Z and Will Smith as Hollywood basketball team owners. Smith has a stake in his home team the Philadelphia 76ers and Jay-Z is co-owner of the Brooklyn Nets.