The Los Angeles Times reported that the plan involves a television deal with FOX that would enable McCourt to settle his divorce with ex-wife Jamie, manage the business' steep debt and improve the roster.
Any television deal would need Selig's approval. The Times has speculated that a TV deal could be worth as much as $3 billion in revenue over 20 years.
Earlier this year Selig rejected a request from the Dodgers to borrow $200 million from FOX. McCourt bought the club from FOX's parent, News Corp., in 2004.
SI.com reported that Selig is leery of FOX fronting money to McCourt after the owner's public divorce revealed a lavish lifestyle that left him in debt. The Times and SI.com speculated that McCourt might sue MLB if the deal is not approved, even though McCourt when he bought the club would have signed a standard agreement that he would not sue MLB.
The Dodgers had no comment.