Newark Mayor Cory Booker tells The Star-Ledger of Newark that the deal is "historic."
Panasonic is currently headquartered in nearby Secaucus. It will reportedly receive $102 million transit hub tax credit from the New Jersey Economic Development Authority for the move.
The company's current landlord is challenging the grant.
Secaucus Mayor Michael Gonnelli also opposes the move, saying one New Jersey community shouldn't be taking business from another.
New Jersey Lt. Gov. Kim Guadagno and Panasonic executives will join mayor Booker at a Wednesday press conference to formally announce the deal.
The company was reportedly considering Brooklyn, Atlanta, Chicago or California for a new North American headquarters.