Marc Lore and Alex Rodriguez are expected to exercise their option to acquire controlling ownership interest of the NBA's Minnesota Timberwolves and WNBA's Lynx as soon as Thursday, sources told ESPN.

Lore and Rodriguez, who have a Dec. 31 deadline, will be formalizing an intent to purchase a final 40% of the NBA and WNBA franchises from Glen Taylor -- giving Lore and Rodriguez 80% total of the two teams by early 2024, sources said.

Lore and Rodriguez still have more time to raise the necessary money to complete the majority purchase, which will be subject to NBA board of governors approval.

This filing is expected to close a process that began in April 2021 for Lore and Rodriguez to purchase the Timberwolves and Lynx in installments from Taylor. Lore and Rodriguez previously purchased two installments of 20% at a $1.5 billion valuation for the franchise.

As the ownership transfer is completed, the Timberwolves are engaged in their best season in history -- 22-7 and the No. 1 seed in the Western Conference. Under Lore and Rodriguez's growing influence, the Timberwolves hired away Denver Nuggets GM Tim Connelly as president, and his trades for Rudy Gobert and Mike Conley have played a significant part in the franchise's rise to an elite level.

Taylor, who purchased the franchise in 1994, keeps a 20% share in the team -- with an option to sell the rest to Lore and Rodriguez later.