The Falcons announced Thursday that Dunn, who retired after the 2008 season, has an agreement to become the team's seventh limited partner. The purchase was unanimously approved by NFL owners on Wednesday and is expected to be completed by March 1.
Dunn spent 12 years in the NFL with Atlanta and Tampa Bay. He started his career with the Buccaneers, played with the Falcons for six seasons, then returned to Tampa Bay for his final year. He was only the seventh player to reach 10,000 yards rushing and 4,000 yards receiving.
"During his tenure with the Falcons and throughout his NFL career, Warrick represented the highest of NFL standards on and off the field," owner Arthur Blank said. "Warrick has a special affinity for the Falcons, as we do for him, and we are very happy he will be back in the Falcons family."
Terms of the agreement were not disclosed, but Blank will continue to hold more than a 90 percent stake in the team after Dunn becomes a minority owner.
"This opportunity fulfills one of my professional goals to expand my knowledge and experience in the area of NFL team management, branding and operations," Dunn said in a statement. "I am excited to be back as part of the Falcons team and, in particular, to work with Mr. Blank."
Dunn is already well known for his work off the field, including the Homes for the Holidays program that assists single parents in becoming home owners for the first time. He received the Walter Payton NFL Man of the Year award in 2004.