ESPN's SportsCenter reported in a tweet Monday morning that a group including Johnson had agreed to buy the defunct league for $15 million after it declared Chapter 11 bankruptcy April 13.
The league had been looking for a buyer for the past three months.
In April, the league had no plans to return in 2021, suspending operations and laying off nearly all of its staff. Like many leagues, it canceled its season in March after five games as part of a nationwide shutdown due to coronavirus concerns.
Along with Johnson, his business partner and ex-wife Dany Garcia and RedBird Capital Partners are investors in the deal, which is still subject to bankruptcy court approval.
The XFL has shut down twice before after one season, including the aforementioned time earlier this year.
The first time was in 2001. The league saw a revival in 2019 after owner Vince McMahon invested $200 million.
The XFL featured eight teams, including the undefeated Houston Roughnecks, the New York Guardians and the Los Angeles Wildcats.
"The acquisition of the XFL with my talented partners, Dany Garcia and Gerry Cardinale, is an investment for me that's rooted deeply in two things - my passion for the game and my desire to always take care of the fans," said Dwayne Johnson. "With pride and gratitude for all that I've built with my own two hands, I plan to apply these callouses to the XFL, and look forward to creating something special for the players, fans, and everyone involved for the love of football."
Johnson played football at the University of Miami from 1990-94.
It's not clear when we could see the XFL's rebirth.
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