Golisano sold the Sabres in 2011 and unsuccessfully bid for the Los Angeles Dodgers in 2012. If he is able to purchase the Bills, the Western New York native is expected to keep the Bills in the region, spurning relocation elsewhere.
Forbes estimates Golisano's net worth at $2 billion.
The Bills announced Wednesday that they had retained investment bank Morgan Stanley and engaged law firm Proskauer Rose to assist in the sale of the team. The two firms are expected to contact prospective buyers within the next 30 days.
In addition to Golisano, rock star Jon Bon Jovi is expected to bid on the Bills. The Toronto Sun reported last month that Bon Jovi will form a group with Larry Tanenbaum, chairman of Toronto-based Maple Leaf Sports & Entertainment, and the intention of that group would be to move the Bills to Canada.
Bon Jovi received strong support from Dallas Cowboys owner Jerry Jones at the NFL's owners meetings earlier this week.
"You talk about individuals and talk about their qualification -- there hasn't been anybody more qualified to be involved in sports ownership, or certainly ownership in the NFL, than Jon Bon Jovi," Jones told reporters in Atlanta.
Billionaire businessman Donald Trump has also expressed his interest in purchasing the team and keeping it in the region. In total, there could be several other groups -- both local and from outside of the region -- who make bids for the Bills this summer.
Following the death of owner Ralph Wilson in March, his widow Mary Wilson has served as controlling owner of the team.