The deal is reportedly worth $34 million to $37 million.
Ramirez, 33, has played 14 seasons in the major leagues. He broke into the majors with Pittsburgh in 1998 and was traded to the Chicago Cubs in June 2003. He's been with the Cubs since then.
Ramirez, a career .284 hitter, had a .306 batting average with 26 home runs and 93 runs batted in last season. He has hit 315 home runs and driven in 1,122 runs in his 1,683 major league games.
Notable deaths of 2014 [PHOTOS]
Julius Randle breaks leg during NBA debut