The team released the following statement:
"The Denver Broncos have reached an agreement to purchase a portion of minority owner John Bowlen's share of the team, pending final approval from the NFL that is expected in the next few days.
"This transaction further consolidates Pat Bowlen's majority, controlling ownership interest in the Broncos while keeping 100 percent of the team in the Bowlen family. The acquisition of this share is independent of Mr. Bowlen's succession plan that is being administered by the Pat Bowlen Trust.
"John has been a great partner for many years, and we are very pleased he will remain a minority owner of the Denver Broncos."
The Broncos didn't announce how much of John Bowlen's stake they will purchase or how much they've agreed to pay for it.
The Denver Post first reported the development.
Pat Bowlen and his siblings purchased the Broncos in 1984 from Edgar Kaiser. Under Bowlen family ownership, the Broncos have won three Super Bowl titles and have reached the big game seven times. Pat Bowlen, 74, relinquished control of the team to Broncos president Joe Ellis in July 2014 after publicly announcing he was battling Alzheimer's Disease.