The rumored purchased price is around $50 million for the struggling brick-and-mortar casino.
The acquisition of a land-based casino in New Jersey would put PokerStars back on the inside track for offering online poker to New Jersey residents should the state's current push for an online poker bill go through.
Given PokerStars' recent deal with the US Department of Justice, should legislation be passed it would be eligible to apply for a real-money online poker license in the state.
An online poker bill is currently on the table in the New Jersey House and Senate with a vote expected to take place before the New Year.
The Atlantic Club was built by Steve Wynn in the early 80s and was called the Golden Nugget.
It has since changed hands and names several times before being rebranded as the Atlantic Club this year.
PokerStars also has a share in the Hippodrome Casino in London and plans to open a PokerStars-branded poker room there in 2013.