Khan's bid is roughly $US700 million ($NZ991 million), according to the Evening Standard, and comes with the full support of the NFL.
The Jaguars play one "home" game each season in London, an agreement that extends through the 2020 season and began in 2013. Khan also owns Fulham Football Club.
Wembley Stadium hosted its first American football game in 2007.
"I am very pleased to learn today that The Football Association board of directors received our offer to purchase Wembley Stadium, our home away from home in London, from the FA," Khan said in a statement.
Khan denied the bid for the stadium is the first step in relocating his franchise overseas.
"Today's news changes none of what we envision for the long-term promise for the Jaguars here in Jax, and it changes nothing as to the goals we have for your downtown," Khan said. " If anything, today's news is the embodiment of the ethos we adopted several years ago of being proud, bold and committed."
