Sources told the NFL Network that it's a one-year, $5 million contract for Cobb.
The Packers originally drafted Cobb in the second round of the 2011 NFL Draft. The slot receiver spent his first eight seasons with Green Bay and was one of Packers quarterback Aaron Rodgers' favorite targets.
Cobb had a career-high 91 receptions for 1,287 yards and 12 touchdowns in the 2014 season. He was selected to the Pro Bowl that year.
The 28-year-old receiver played in only nine games last season due to hamstring and concussion issues. He had 38 catches for 383 yards and two touchdowns in 2018. The Packers let his contract expire after the season.