Fenway Sports Group is considering the sale of a minority stake in the Penguins.
ESPN reports it's unclear how much of the franchise the owners are looking to sell.
If Fenway Sports Group finds a buyer for a minority stake in the Pens, the NHL's Board of Governors would need to approve the transaction.
FSG purchased controlling interest of the Penguins in 2021 for $900 million.
The Penguins were previously owned by Penguins legend Mario Lemieux and Ron Burkle.
FSG also owns the Boston Red Sox, Fenway Park, Liverpool soccer, NESN Network and more.
The Penguins are currently last place in the Metropolitan Division and second-to-last place in the Eastern Conference.
The Pens lost again Monday night in San Jose to the last place Sharks, 2-1.