It would be the fifth such sale in the team's history. The team would use the money for improvements to the stadium, said team spokesman Aaron Popkey.
"It requires NFL approval and we are hopeful to receive that by the end of October. There are some different financial regulations (than with the last sale) and we are working through that," Popkey said.
Last month, the Packers announced $143 million in projects to add 6,600 seats to Lambeau Field and make other improvements before the 2013 season.
"We are hopeful we would sell in the neighborhood of at least what we did last time," Popkey said.
A price for shares has not been set, though it will be $200 or more, Popkey said.