Adam Schefter reports the deal is being finalized and is worth up to $8.5 million with $6 million guaranteed.
Green, 32, is a former first-round pick of the Bengals back in 2011. He finished the final year of his five-year, $70.176 million contract that included $26.75 million guaranteed and made a base salary of $11.97 million for the 2019 season.
After Green landed on injured reserve for each of the past two seasons after undergoing surgery for torn ligaments in his toe in 2018 and tearing ankle ligaments in training camp in 2018 and 2019, the Bengals used the franchise tag on him in 2020.
Green made a salary of $18.171 million on the franchise tag. He was an unrestricted free agent this offseason.
In 2020, Green appeared in all 16 games for the Bengals and caught 47 passes for 523 yards receiving and two touchdowns.