Potential new owners of the Buffalo Bills must submit their initial bids to buy the NFL team by the end of Tuesday.

Morgan Stanley is reportedly accepting a first letter of indication, which is a non-binding bid to purchase the team.

The most high-profile bid is expected to come from a Toronto group that includes Maple Leaf Sports and Entertainment chairman Larry Tanenbaum, members of the Rogers family and Jon Bon Jovi.

The group has reportedly been scouting stadium sites in Toronto and Mississauga in recent weeks.

The team is valued at over US$870 million by Forbes magazine. They estimate a Toronto bid could be as high as $1.2 billion.

Any new owner would be required to keep the team in Buffalo until the end of the 2022 season.

All bids must be submitted by 5 p.m.

The new owner could be announced as early as late August.