"At our presentation on Tuesday we will elaborate our collective plans for a new arena. Despite preliminary reports, no specific professional sports team from any league has been identified as the potential tenant for this building."
Comcast will guarantee a 25-year lease on the new arena, reportedly for naming rights and broadcasting the games, sources told the business newspaper.
Comcast already owns the Ted Constant Convocation Center at Old Dominion University, in Norfolk.
The Sacramento Kings are owned by the Maloof family. A deal between the Maloofs and the city of Sacramento reportedly fell apart 3 months ago. The deal was for a $391 million entertainment complex.
Sources told the business newspaper that an announcement is expected Wednesday to say the Kings will move to Virginia Beach.
The Atlantic Coast Conference has agreed to include Virginia Beach as a possible venue for its postseason basketball tournament.
"Comcast, Live Nation and Global Spectrum have come to the city," Virginia Beach mayor Will Sessoms told the business newspaper. "They would guarantee us a professional sports team" if the deal goes through.
Sacramento mayor Kevin Johnson, a former NBA star guard, has tried to keep the Kings in Northern California, but could not come to an agreement with the Kings owners.
"You can't do a deal with somebody you don't trust," George Maloof Jr. said about Johnson, according to the Sacramento Bee. "I don't trust him."
Last week, George Maloof said: "We have been approached by several cities over several years about moving the Kings and we will not comment other than that."
Comcast-Spectacor formerly owned the 76ers before selling the team to Josh Harris before last season.