According to the source, Moss will receive a $5 million signing bonus and $6 million total in guarantees.
The 32-year-old Moss became a free agent as a result of a restructured contract he signed with the Redskins in 2009 that included a clause that said his contract would automatically void five days after Super Bowl XLV.
Moss had a career-high 93 receptions in 2010, his first season with coach Mike Shanahan. He also had his fourth career 1,000-yard season (1,115) and six touchdowns. He has led the team in yards receiving every year he's been in Washington.
The 10-year veteran has 593 receptions for 8,558 yards and 52 touchdowns. He was a Pro Bowler in 2005.
Information from ESPN NFL Insider Adam Schefter was used in this report.