The 73-year-old Braley has been actively searching for a buyer to take over the franchise for some time.
TSN and the Toronto Star say he's negotiating with Bell and Tanenbaum.
The CFL confirmed on Monday that Braley is in talks to sell the club, but would not confirm who all is involved with the negotiations.
"We're aware that discussions are currently taking place between owner David Braley and certain interested parties regarding the Toronto Argonauts," the league said in a press release. "Out of respect to all parties involved, we are going to allow this process to take its course and we will not be commenting any further while negotiations are ongoing."
If a deal was to go through, it's believed that the CFL club would move its home games to BMO Field, the current home of MLSE's Toronto FC. The team's lease at its current stadium, the Rogers Centre, expires after the 2017 season and won't be renewed.