League sources told ESPN and NFL Media that Brady is expected to sign with the Buccaneers once the new league year begins Wednesday. According to NFL Media, the deal is worth about $30 million per year.
Before reaching an agreement with the Buccaneers, the six-time Super Bowl champion said goodbye to the Patriots in a post on social media, ending his 20-year run with the franchise.
"I don't know what my football future holds but it is time for me to open a new stage for my life and career," Brady said in a statement posted on Twitter. "I thank you from the bottom of my heart and I will always love you and what we have shared -- a lifetime full of fun memories."
Brady completed 60.8 percent of his passes for 4,057 yards, 24 touchdowns and eight interceptions in 16 starts last season. The future Hall of Fame quarterback guided the Patriots to a 12-4 record before losing to the Tennessee Titans in the AFC wild-card round.
Since entering the league as a sixth-round pick in the 2000 NFL Draft, Brady has posted a 219-64 record in the regular season and a 30-11 mark in the postseason. The 42-year-old signal-caller is a four-time Super Bowl MVP and three-time league MVP.
Brady could return to Foxborough in 2021, as the Patriots are scheduled to host the Buccaneers that season.