Justin Timberlake is set to join the ranks of celebrity sports team owners by purchasing a minority stake in his native Tennessee's Memphis Grizzlies.

The SexyBack hit-maker has agreed to become a shareholder in businessman Robert Pera's syndicate to buy the National Basketball Association team, according to CommercialAppeal.com.

Pera agreed in principle to take over ownership of the Grizzlies in June for a reported $350 million, although the deal is still subject to approval by the NBA's majority owners before it can be made official.

If the deal gets the green light Timberlake won't be the first star to buy into an NBA team - rap icon Jay-Z is co-owner of the Brooklyn Nets and Will Smith has a stake in the Philadelphia 76ers.