Under the new labor agreement, veterans holdouts will be fined $30,000 for each day of camp they miss.
Johnson is heading into his fourth season and due to make just $800,000 in base salary. The final two years of his deal can max out at roughly $2.7 million. He considered holding out last summer for a contract that included $30 million in guarantees, but settled instead for a shuffling of money he had coming later that boosted his 2010 salary by $1.5 million to $2.05 million.
At the time, Johnson indicated that was a one-time deal and he expected the team to give him his second contract before 2011.
Johnson ran for 1,364 yards and 11 touchdowns last season after his 2,006-yard, 14-touchdown 2009 campaign. In just three NFL seasons, Johnson has racked up over 5,500 all-purpose yards and 38 touchdowns.
He has made three straight Pro Bowls and was named the offensive player of the year by The Associated Press in 2009.
The Titans drafted Johnson 24th overall out of East Carolina in 2008.
Tennessee is scheduled to open camp on Friday.
Information from ESPN NFL Insider Adam Schefter and ESPN.com's Paul Kuharsky contributed to this report.