The two sides are finalizing the language in the contract before Smith signs, according to the report.
Smith, the eighth overall pick in the 2018 NFL Draft, missed all of training camp, but the Chicago Tribune reported the deal is expected to be finalized in time for Smith to join the Bears for their joint practices against the Denver Broncos beginning Wednesday in Englewood, Colo.
Smith is slotted to earn $18 million guaranteed over four years. Adam Schefter of ESPN reported the contract is expected to include about $11 million in bonuses.
Smith is expected to become a starter this season.
The holdup in Smith's contract reportedly involved whether Smith would lose guaranteed money if he is ever suspended due to the NFL's new rules regarding helmet contact.