The high bid for the Hutcheson mansion on Missionary Ridge at an auction on Thursday night was $1.2 million.
The longtime owners must still approve the offer from a Dalton, Ga., couple.
The landmark at 360 S. Crest Road has 11,000 square feet.
It features seven bedrooms and five bathrooms.
The mansion was designed by architect Samuel Patton, who died in a fire in downtown Chattanooga soon after drawing up the plans.