Ian Rapoport reports the deal is worth $57.5 million total with $33 million in guarantees.
Peat, 26, is a former first-round pick of the Saints back in 2015. He was in the final year of his four-year, $11.393 million contract and stood to make a base salary of $1.988 million for the 2018 season when the Saints picked up his fifth-year option last year.
Peat was testing the market as an unrestricted free agent in 2020.
In 2019, Peat started 10 games for the Saints at left guard and was rated by Pro Football Focus as the No. 69 guard out of 80 qualifying players.