The deal with the three-time All-Star outfielder is the team's most expensive since Sandy Alderson took over as general manager. Granderson agreed to sign with the Mets on Friday, and the contract was finalized during the winter meetings.
Granderson passed a physical Monday and is expected to be introduced at a 12:30 p.m. ET news conference, according to ESPNNewYork.com's Adam Rubin.
Granderson, who turns 33 in March, is expected to bat cleanup for the Mets, protecting No. 3-hitter David Wright. He combined for 84 homers in 2011 and 2012 with the New York Yankees before wrist and hand injuries limited him to a .229 average and 15 homers in 214 at-bats this past season.
New York also signed free-agent outfielder Chris Young to a $7.25 million, one-year contract this offseason.
Information from The Associated Press was used in this report.