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The person spoke to The AP on the condition of anonymity because the deal had not yet been announced by the teams.
The deal, which includes $49 million guaranteed, comes as the star receiver was entering the last year of his contract.
The $16.2 million average annual value is second to Antonio Brown ($17.0 million) among wide receivers. However, the total value and the total guaranteed are both tops among all receivers.
Hopkins was the 27th overall pick in the 2013 draft. He has piled up 4,487 yards receiving in his first four seasons, including a career-high 1,521 in 2015 despite playing with a revolving door of quarterbacks.
The 25-year-old has 23 receiving touchdowns in his career and will be the centerpiece of an offense that is looking to bounce back after a tough 2016 season with Brock Osweiler at quarterback.
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