A source tells ESPN’s Adam Schefter that Sanders’ deal is for $16 million and could escalate to $19 million.
Sanders said the deal will be finalized pending a physical.
Acquired before the trade deadline by the San Francisco 49ers last season, Sanders walked into the team’s receiver room and was instantly the most accomplished player there. For a team in need of a reliable veteran, Sanders proved the ideal midseason addition.
He played in 10 games for the Niners in the regular season, posting 36 catches for 502 yards and three touchdowns and started all their postseason contests. Beyond his on-field production, Sanders, who turns 33 on March 17, became a mentor and leader to the team’s young wideouts.
In 144 career regular season games, he has 601 catches for 7,893 yards and 42 touchdowns.
ESPN’s Nick Wagoner contributed to this report.