Publicist Estee Portnoy confirmed the news, first reported by WCNC in Charlotte, on Thursday.
The Bobcats owner got engaged over the Christmas weekend. No wedding date has been set.
This will be Jordan's second marriage. He married Juanita Vanoy in September 1989, and they divorced in 2006. They have two sons, Jeffrey Michael and Marcus James, and a daughter, Jasmine.