A report Thursday by the Los Angeles Times said the deal is worth $42 million. It cannot become official until the league moratorium for free agent signings ends July 22.
"We're very excited about the opportunity," Mobley's agent, Andy Miller, told the newspaper. "And for Cuttino and where he is in his life and his career, he felt that this was the opportunity that he'd been looking for quite some time."
Mobley, 29, will join his fourth team since the end of the 2003-04 campaign.
In 43 games with the Kings, he averaged 17.8 points per contest. Mobley opted out of his current deal that would have paid him $6.4 million next season.
For his career, the second-round pick by Houston in 1998, has averaged 17.1 points and four rebounds in 502 games.