JACKSONVILLE, Fla. -- Jacksonville Jaguars owner Wayne Weaver is negotiating to sell 100 percent of the football team, a Philadelphia newspaper reported on Wednesday.

The Philadelphia Daily News reported that Weaver is in negotiations with the former owner of Pinnacle Foods, C. Dean Metropoulos.

Metropoulos recently sold the food company for $2.6 billion. According to the paper's report, in the past, the billionaire has had negotiations with the Dolphins and Raiders about buying those teams.

The paper said Metropoulos is now negotiating through a company in New York called Galatioto Sports Partners in an effort to purchase the Jaguars.

"Weaver and his partners spent about $140 million for the team and up to $200 million if you count the television revenue they didn’t take in the first two years. The team is probably, according to Forbes Magazine, now worth between $700 million and $800 million," said Channel 4 sports director Sam Kouvaris.

Weaver has admitted that it's a struggle for a small-market team to continue to compete and that he would like some sort of infusion of cash, Kouvaris said.

"Wayne Weaver is in his 70s, and neither of his children have been groomed to run the team in the future … At some point, we expect him to perhaps sell the team," Kouvaris said.

If that is now the case, Metropoulos could be a feasible candidate for the purchase.

Kouvaris also pointed out the major deference between selling a team and moving a team. He said Metropoulos is not affiliated with anyone in the Los Angeles area, which has expressed a desire to have a football team.

Metropoulos denied having negotiations with Weaver, telling the Philadelphia Daily News, "I must tell you, I haven’t had any such discussions. I wouldn’t know how to give you any credibility to that because I don’t know anything about it.”

However, several credible league sources disputed Metropoulos' statement, saying that the discussions between Weaver and Metropoulos were being brokered by Sal Galatioto.

In the past, the Jaguars have used Galatioto to try to sell the team's naming rights.

When reached Sunday night, Jaguars officials said Weaver was traveling and that the team owner would address the issue on Thursday when he returned to Jacksonville.