Steven A. Cohen’s previous bid for the team collapsed earlier this year.

Photo: lucy nicholson/Reuters

For the second time in the past year, billionaire Steven A. Cohen is in the driver’s seat to acquire a majority stake in the New York Mets.

Mr. Cohen—who saw a previous bid for the team collapse earlier this year—has entered exclusive negotiations with the Wilpon family to purchase the club, a person familiar with the matter said. A Mets spokesman said, “We won’t be giving updates on the timeline or process until we are prepared to make a public announcement.”

Mr. Cohen beat out two other groups, including one fronted by former baseball superstar Alex Rodriguez and pop star Jennifer Lopez, and another led by private-equity executives Josh Harris and David Blitzer, whose Harris Blitzer Sports & Entertainment also owns the Philadelphia 76ers NBA team.

News of Mr. Cohen entering exclusive negotiations was first reported by CNBC.