It is not known how much money Jordan, whose Nike brand endorsed Jeter throughout his playing career, will put toward the effort.
"He has been a supporter of Derek's bid to be an MLB owner since the beginning," Jordan's business manager, Estee Portnoy, told ESPN.
Baseball commissioner Rob Manfred said Tuesday that three groups were still bidding for the franchise, despite reports to the contrary.
The New York Post reported Monday that Jeter's group, backed by money manager Bruce Sherman, was closing in on a $1.2 billion deal. Forbes reported that Miami business titan Jorge Mas was the prohibitive favorite. The third group includes former Florida Gov. Jeb Bush, Tagg Romney and fund manager Wayne Rothbaum.
"I think in fairly short order [Marlins owner Jeffrey] Loria will have the luxury of picking from one of these groups," Manfred told ESPN. "It's a good thing in terms of the overall financial health of the sport that we have this level of interest at this price level, but it would be nice to wrap it up."
Manfred later said during a news conference that the "three viable bidding groups" are all "essentially in the same place in terms of price." Manfred also reiterated that he thinks a resolution on the sale of the franchise "will happen in the relative future."
Loria, who bought the Marlins in 2002 for $158 million, had a strained clubhouse exchange with reporters Tuesday and expressed frustration over repeated questions about the sale of the club.
"I don't even think about it," Loria said. "There is no deal, so stop calling it a deal."
Loria bristled when asked to comment on a potential agreement to sell.
"At some point, maybe," he said. "Everybody sells something -- maybe. Everybody gets married or unmarried -- maybe."
ESPN's Jerry Crasnick and The Associated Press contributed to this report.