Sources tell The New York Post, which first reported the story, that the real-estate mogul, 80, has been battling prostate cancer for at least two years.
ESPN is also citing sources that confirm the report.
On Tuesday, Sterling was banned for life from the NBA over racist comments he spewed that were caught on tape.
In the recording, which was made by his alleged mistress and later obtained by TMZ, Sterling can be heard ranting that he didn't want her to "bring black people to his games," citing, among others, basketball legend Magic Johnson.
In addition to the lifetime ban, Sterling has been fined $2.5 million amid escalating pressure for him to sell the Clippers. Already, speculation is mounting that potential buyers could include Oprah Winfrey, Matt Damon and Sean Combs.
At a news conference Tuesday, NBA Commissioner Adam Silver said: "The views expressed by Mr. Sterling are deeply offensive and harmful. That they came from an NBA owner only heightens the damage and my personal outrage."