Blank has long coveted a top-level soccer team for the city, and negotiations with the MLS intensified after he reached a deal on building a new $1 billion retractable roof stadium next to the Georgia Dome. Site preparation has already started, and the facility is expected to open in 2017.
Both the MLS and a top official from Blank's organization acknowledged last week that the two sides were close to a deal.
Blank, MLS Commissioner Don Garber and the mayor are scheduled to attend the 5 p.m. news conference.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.