It's contingent on approval from the Pennsylvania Gaming Control Board.
The project hasn't had a lead investor since billionaire casino mogul Steve Wynn backed out in April.
The Philadelphia Inquirer reports Harrah's and the Foxwoods partners have a deal to put up a $438 million gaming hall on South Columbus Boulevard.
Doug Harbach, a spokesman for the gaming board, says officials will need time to review the paperwork before making a decision.
The casino would be the second in Philadelphia, which became the largest city in the country with casino gambling when the Sugarhouse Casino opened in the city's Fishtown/Northern Liberties neighborhood last month.
