DoubleLine Capital's Jeffrey Gundlach told CNBC on Tuesday that he "may or may not" be a part of the Buffalo Bills ownership group.

Earlier, the Associated Press reported that the estate of the Bills late owner, Ralph Wilson, had tentatively approved a bid for the team from Terry and Kim Pegula, owners of the Buffalo Sabres National Hockey League franchise.

The Bills went on the block after Wilson, founding owner of the team and a member of the NFL's Hall of Fame, died in March. Morgan Stanley is managing the sale of the team for the Wilson estate. Other bidders included a group headed by Donald Trump and another from Toronto that included rock star Jon Bon Jovi.

Gundlach, who grew up in Buffalo, said he expected an announcement on the team’s future to be made soon. He said his motivation for involvement in the team was to keep it in Buffalo.