The Associated Press report that Daniel Gilbert, the founder and chairman of Quicken Loans, said that he was told the team had selected another buyer and a lawyer in baseball, speaking on condition of anonymity, confirmed that Attanasio's offer was orally accepted by the Brewers' board last week.
Attanasio and the team are in the process of drafting the sale agreement, the lawyer said.
"I am deeply disappointed that the Brewers have chosen another direction in the sale of the club," Gilbert said. "After nearly eight long months of negotiations, I believed we were on the verge of announcing a deal when I was informed of the Brewers' decision to sell the team to another party."
Steve Greenberg, a New York-based investment banker handling the sale for the Brewers, said "a decision is imminent," and he expected it to be announced by the end of the week.
The franchise started play as the Seattle Pilots in 1969 and was bought by Selig in bankruptcy proceedings and moved to Milwaukee before the 1970 season.
Selig's family owns the majority interest in the team - 26 per cent - but Selig hasn't drawn a salary since becoming commissioner full time in 1998.
The Brewers were believed to be seeking more than $180 million for the team, which has been for sale since January. A sale agreement must be approved by at least three-quarters of the 30 major league teams, a process that usually takes six to 12 months.
