9NEWS has confirmed Elway, who is the executive vice president of football operations for the Denver Broncos, and his ownership group have signed a "letter of intent" to buy the last of the Burt dealerships.
Elway's group hopes to finalize the deal in the next two months which would give them control of the Chevrolet dealership in Englewood.
This would be the second Elway dealership to open in Colorado in the past this year. In January, he opened a Chrysler dealership in Greeley.
Elway's business partner Todd Maul told 9NEWS Tuesday night, "While John's primary focus will remain on the Broncos, he sees this as a great business opportunity."
Maul says Elway will let his team run the day-to-day operations of the dealership.
"Chevrolet is a great brand and John Elway and his partners are committed to serving the Denver area. We feel the Denver market is coming back economically and it is something we want to be part of," Maul said.
Asked if this will be the first of many new dealerships, Maul responded, "We will continue to look for opportunities to grow the John Elway brand."
Elway previously left the car business in Colorado in 2006 when his partnership with AutoNation ended.
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