According to Ian Rapoport, the Patriots plan to sign Folk to a contract on Monday once he goes through the COVID-19 protocol.
The Patriots currently have just rookie kicker Justin Rohrwasser as the lone placekicker on their roster.
Folk, 35, is a former sixth-round pick of the Cowboys back in 2007. He spent over two years in Dallas before he signed on with the Jets in 2010 as a free agent.
Folk was entering the final year of his four-year, $12 million contract that included $2.1 million guaranteed when the Jets released him. After a short stint with the Buccaneers, Folk joined the Patriots last year and was on and off of their roster.
In 2019, Folk appeared in seven games for the Patriots and converted 14-of-17 field goal attempts (82.4 percent) to go along with all 12 extra-point tries.