According to the South Florida Sun-Sentinel, an agreement on financing was reached late Friday on a retractable-roof park at the site of the Orange Bowl.

The Sun-Sentinel and Miami Herald both reported that the agreement needs the approval of local leaders. But in the Herald story, it was reported that no deal was reached on Friday.

"No deal yet," Vicki Millette, a spokeswoman for Miami-Dade County Mayor Carlos Alvarez, said in an e-mail to the Herald.

The Marlins have not commented publicly on the stadium, which would likely seat around 37,000 fans.

The city of Miami has scheduled a special commission meeting at 9 a.m. ET on Thursday to consider the deal. Miami-Dade County commissioners will discuss the stadium at a 1 p.m. meeting on Thursday.

For months, major progress was made on the team's efforts to secure its own park. The Marlins' contribution will be $155 million toward the project, which the Sun-Sentinel reported will cost $515 million.

The Herald listed the stadium cost at $525 million.

News of the new park became public on the day the Marlins' pitchers and catchers reported to Spring Training at Roger Dean Stadium.

For more than a decade, three different Marlins owners have tried to secure funding for a baseball-only facility that would secure the long-term future of the franchise in South Florida.

At Marlins FanFest on Feb. 9, team president David Samson did tell a gathering of fans and reporters that a great deal of progress was made on the stadium.

Since their inaugural campaign in 1993, the Marlins have been sharing Dolphin Stadium with the NFL's Miami Dolphins. In the fall, the University of Miami football team will also begin playing at Dolphin Stadium.

The Marlins are under lease to remain at Dolphin Stadium through the 2010 season.

The Marlins are hopeful to be in their own building by 2011. Once the stadium is finalized, the Marlins have said they will change from the Florida Marlins to the Miami Marlins after the 2010 season.