Sources informed of the situation told ESPN and NFL Network Tuesday that the Packers are expected to sign Graham on Wednesday to a three-year contract. Sources also told both networks that the team is releasing Nelson.
Graham, 31, had 57 receptions for 520 yards and 10 scores last season for the Seattle Seahawks, making his fifth Pro Bowl. The 6-foot-7, 260-pound target joined the Seahawks during the 2015 offseason in a trade from the New Orleans Saints.
Nelson, 32, had 53 receptions for 482 yards and six scores in 15 games last season. The 2014 Pro Bowler has been with the Packers since 2008.
The Packers clear $10.2 million in salary cap space by cutting Nelson. Graham was also linked to a reunion with the Saints, before ultimately choosing to join All-Pro quarterback Aaron Rodgers in Green Bay.