Derek Simpson told The Associated Press on Tuesday that Butler will sign the deal including $30 million guaranteed once free agency begins.
The Tennessee Titans declined to comment because free agency does not begin until Wednesday afternoon.
Butler spent the past four seasons with the New England Patriots and has eight career interceptions. He was benched for the Super Bowl in February.
The Titans signed Butler's teammate cornerback Logan Ryan last season and needed help in the secondary to go along with cornerback Adoree Jackson.
AP Sports Writer Brett Martel in New Orleans contributed to this report.
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