Tom Brady has agreed to purchase a minority ownership stake in the Las Vegas Raiders, a source familiar with the deal told CNN on Monday.

The agreement was first reported by Sports Illustrated NFL reporter Albert Breer. The sale is still subject to NFL approval.

Earlier this month, a source told CNN the seven-time Super Bowl winner was in negotiations with the Raiders.

The deal won't be ready for the owners to consider at the Spring League Meeting in Minnesota, which ends Tuesday, according to Breer.

"We're excited for Tom to join the Raiders," team owner Mark Davis said in a phone call to ESPN.

"It's exciting because he will be just the third player in the history of the National Football League to become an owner."

CNN has reached out to the NFL, the Raiders and Brady's representatives for comment.

The former New England Patriots and Tampa Bay Buccaneers quarterback announced his retirement from the NFL in February after 23 seasons.

During his long career, the three-time league MVP set almost every passing record, including regular season passing yards (89,214) and passing touchdowns (649). He has also amassed the most wins of any player in NFL history (251).

The agreement with the Raiders is the second partnership between Brady and team owner Davis since the former's retirement.

In March, it was announced that Brady had acquired an ownership stake in Davis' WNBA franchise, the defending champion Las Vegas Aces.

In October, he also joined the ownership group of an expansion Major League Pickleball team, along with former tennis World No. 1 Kim Clijsters, who in December attended the draft to support their new squad, the Las Vegas Night Owls.