The sale of the Milwaukee Bucks to New York investors Marc Lasry and Wesley Edens "is moving quickly," the Milwaukee Journal Sentinel reported Monday.

"It's possible there will be news later this week," the source told the newspaper.

Herb Kohl, a former U.S. senator, announced last month he is selling the team he has owned since 1985 to Lasry and Edens for $550 million, which includes assumed debt. Lasry and Edens, who are hedge-fund billionaires, have committed $100 million toward the cost of a new arena, as has Kohl, who made a condition of a sale that the team would remain in Milwaukee.

NBA commissioner Adam Silver said in mid-April that he anticipated it would take about a month for the sale to be formally approved by NBA owners.

According to the newspaper, Lasry and Edens were in Milwaukee May 2 to meet with top business leaders, including Timothy Sheehy, president of the Metropolitan Milwaukee Association of Commerce, and Ted Kellner, a prominent businessman and one of the driving forces behind an MMAC arena committee.