The Charlotte Bobcats owner proposed to longtime girlfriend Yvette Prieto over Christmas weekend.
He has been dating the Cuban-American model for three years.
A wedding date has not been set.
Jordan's first marriage to Juanita Vanoy ended in 2006 after 17 years. They have two sons, Jeffrey Michael and Marcus James, and a daughter, Jasmine.
The Associated Press contributed to this report.
