A source told CP that Balsillie, 45, is expected to announce the purchase in the next few days because some details still need to be worked out.
Balsillie has reportedly been the front-runner in the bidding for the team for the last few weeks. His name surfaced after a deal involving former Torontonian Sam Fingold fell apart this summer.
Balsillie has previously denied that he was close to buying the team.
Should Balsillie buy the team, he will come into the NHL fold with deep pockets.
The explosion of BlackBerrys has generated RIM's rapid growth. In late June, RIM issued better-than-expected results for its fiscal first quarter along with a rosy outlook for BlackBerry sales.
The firm brought in revenues of US$613.1 million in the three months ended June 3, up 35 per cent from $453.9 million in the same period a year earlier - beating the consensus analysts' estimate by about $10 million.