Reports are rounding the bases that the Portland Diamond Project, the organization working to attract a Major League Baseball team to the city, has entered an agreement to purchase Zidell Yards along the Willamette River.

On top of hosting a potential future baseball stadium, the 33-acre South Waterfront property will also have space for retail shops, hotels, and residential developments according to sports columnist John Canzano.

"This really is a dream come true," Craig Cheek, founder and president of Portland Diamond Project, told KGW. "We've spent years talking about a future Major League Baseball team calling Portland home. Now we can say Portland will have professional baseball in the heart of the city, along one of Oregon's most iconic rivers."

Mayor Ted Wheeler also chimed in on the news saying, "This is a tremendous opportunity to shape our waterfront, create new economic opportunities, and build a vibrant and sustainable neighborhood."

The transaction for the site will now go into a 120-day due diligence period with 42 months to complete the deal.