The NBA are in "deeper and deeper stages" of the expansion process, reports ESPN's Shams Charania on NBA Today. The next rounds of bids for the Las Vegas franchise are due on Thursday and final bids are expected to be due at some point shortly after that.

The Las Vegas expansion conversations have moved at a faster pace than Seattle and could exceed $10 billion.

ESPN's Brian Windhorst reported earlier on Tuesday that Walmart heiress Nancy Walton Lurie and Bill Lurie are considered the favorites to receive the Las Vegas team.

Josh Kushner and Bob Iger were previously involved in the bidding process for Las Vegas, but instead purchased a majority stake in the Los Angeles Lakers at a $12 billion valuation.

The Seattle expansion process hasn't received as many bidders as Las Vegas.