Levine noted that the Chicago White Sox, New York Yankees and Philadelphia Phillies are the three teams known to be pursuing Machado.
While the White Sox, Yankees and Phillies have reportedly submitted offers, Levine said there may be an unidentified fourth team in on Machado as well.
Jon Heyman of Fancred reported Machado is still seeking at least $300 million, adding that the White Sox and Phillies are not close to that offer. Heyman added the Yankees have yet to make an official offer.
It is unclear who the front-runner is for Machado, but Levine reported that "momentum is building" in favor of the White Sox.
The team traded for first baseman Yonder Alonso, who is Machado's brother-in-law. They also signed outfielder Jon Jay, who is one of Machado's closest friends and grew up with him in Miami.
Machado has spent extensive time at shortstop and third base throughout his MLB career, but he will likely play short if the Yankees sign him since Didi Gregorius is expected to miss much of 2019 after undergoing Tommy John surgery.
New York signed veteran shortstop Troy Tulowitzki this offseason, but only for the league minimum, so it doesn't preclude the Yanks from adding Machado.
As for the Phillies, Levine believes they will have to offer Machado more than his other suitors in order to land him.
The White Sox reportedly offered Machado around $200 million over six or seven years, which may be the baseline the Yankees and Phillies will be forced to contend with.
Machado, 26, had a career year in 2018 split between the Baltimore Orioles and Los Angeles Dodgers.
He was named an All-Star for the fourth time and finished with a .297 batting average, 37 home runs and 107 RBI, all of which were career highs. Machado also helped lead the Dodgers to the World Series, where they lost to the Boston Red Sox.
For the rebuilding White Sox (62-100 last season), Machado would be the face of the franchise and a sign that the timeline to contend is moving up significantly.
As far as the Yankees, Machado would add another big bat to their already potent lineup and potentially help them close the gap with the AL East rival Red Sox, the defending World Series champions.
Philadelphia has had a strong offseason in adding shortstop Jean Segura and outfielder Andrew McCutchen, and Machado would be the lineup centerpiece it needs.
Due to the reported overlap in interest when it comes to the teams that are pursuing Machado and outfielder Bryce Harper, Machado's signing within a week could go a long way toward determining where Harper ends up as well.