Fertitta purchased the NBA franchise for $2.2 billion in September 2017.
The only other known bidder is Philadelphia 76ers and New Jersey Devils owner Josh Harris, according to ESPN.
Commanders owner Dan Snyder announced in November that he and his wife, Tanya, had hired Bank of America Securities to consider "potential transactions" involving the NFL franchise.
ESPN reported Thursday that Amazon founder and Washington Post owner Jeff Bezos had hired an investment firm to explore the possibility of bidding on the Commanders.
On Saturday, however, The Athletic reported that Snyder has barred Bezos from placing a bid.