The news was first reported by the Charlotte Observer, and confirmed by Yahoo Sports.
"It's probaby not the right time for me to react to anything," said head coach Quin Snyder. "It's a situation that the club will comment on in due time and probably for Dennis [Lindsey] to comment on right now."
Hayward will sign the offer sheet Thursday, July 10th and the Jazz will then have three days to match.
The Hornets reported offer is the maximum Hayward can sign with another team under the collective bargaining agreement. The Jazz can offer a 5-year, $85-million dollar contract.
Hayward, 24, averaged a career high 16.1 points, 5.2 rebounds and 5.1 assists per game last season with the Jazz. However, he shot just 41 percent from the field.
The Jazz have reportedly said that they will match any offer made to Hayward, but $16 million a year is a steep price to pay.
"Gordon has proven himself to be an integral part of what's building here," said Snyder. "Obviously everybody in the league knows he's a talent and a really good player."
"I think whatever he decides to do, he has my best of wishes," said point guard Trey Burke. "If he decides to come back that would be great, and if not then I wish him the best of luck."
This last off-season, Hayward reportedly rejected a 4-year, $48-million offer from the Jazz.
If the Jazz do not match Charlotte's offer, Hayward will be reunited with former Jazz center Al Jefferson with the Hornets.