According to the ESPN.com, Aaron along with other investors are hoping to buy the franchise and the Philips Arena operating rights.
Aaron, now 80 years old, has been a part of the Atlanta business community for decades most notably with his car dealerships.
His group is not the only one with its eye on the Hawks.
Earlier this week, NBA.com reported that former NBA player Grant Hill is a part of another group bidding on the Hawks.
The team is on an 8-game winning streak having knocked off the Wizards at Philips Arena on Sunday.