Buffalo Sabres owner Terry Pegula, a Toronto-based group that includes rock star Jon Bon Jovi and real estate developer Donald Trump all submitted bids, according to the report.
The New York Post reported that Pegula's bid topped $1 billion.
A person familiar with the process told The Associated Press last week that once the initial bids were submitted, the investment bank handling the Bills' sale would review the bids and determine which prospective groups will be eligible to proceed to the next stage.
It's possible that a prospective owner could be identified as early as late August and presented to NFL owners for approval during league meetings in early October.
Former Buffalo Sabres owner Tom Golisano, who previously stated an interest in purchasing the team, did not submit a bid by Tuesday's deadline, according to the Buffalo News and the Toronto Sun.
Trump confirmed his bid Monday in an interview with Fox News but said it was "very, very unlikely" that he would own the team.
Report: Bid For Bills Tops A Billion
ESPN Bills reporter Mike Rodak discusses the report that Terry Pegula's bid for the team was over $1 billion.