The businessman and billionaire is at Cedars-Sinai Medical Center in Los Angeles and a source close to the situation tells RadarOnline.com that Lakers players have been calling with well-wishes and even stopping by to see him in what they expect to be his final days.
"Jerry isn't doing well and it's quite sad, but he's surrounded by loved ones," the insider told RadarOnline.com.
"The cancer is just too much and it looks like this is the end for him."
Jerry purchased the Lakers in 1979 and he's seen great success in the franchise, winning 10 NBA championships.
Riddled with health problems for the last few years, Jerry was hospitalized in 2011 with a blood clot and then had surgery in August 2012 for an undisclosed reason and was expected to make a full recovery.
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Turning 79 just weeks ago on January 27, Jerry has not attended a Lakers game during the 2012-2013 season because of health concerns.