The deal is for five years and $50 million with $24 million guaranteed, sources told ESPN NFL Insider Adam Schefter. That's the highest guarantee ever given to a wide receiver.
By rule, Holmes isn't permitted to sign the contract until Friday.
Holmes' deal is so big that it probably means they can't afford to re-sign Braylon Edwards, another high-profile free agent. Edwards is coming off a strong season, but the Jets prioritized Holmes because of his speed and game-changing ability.