Light has agreed to a two-year deal with the Patriots, The Boston Globe reported Sunday night. A person familiar with the deal told The Associated Press that Light would earn up to $12 million, with $7 million guaranteed.
"Matt's been a good player for us for a long time. I'd say there are discussions that are ongoing," director of player personnel Nick Casserio had told reporters earlier Sunday. "I don't want to put a timetable on it, but Matt's made a lot of contributions to this team, he's been a good player, so we'll see what happens."
Light, a three-time Pro Bowler (including 2010), started all 16 games last season for the Patriots at left tackle.
The Patriots drafted their left tackle of the future, Nate Solder, with the 17th overall pick in April's draft.
During a 10-year career, Light has played in 140 games (starting all but two). He was picked by the Patriots in the second round of the 2001 draft and has been with the organization for all four of its Super Bowl appearances since 2001.
On Friday, when Light's future with the Patriots was still in question, quarterback Tom Brady made the case for his return with effusive praise.
"Matt's one of my favorite players that I've ever played with. He's a great guy, great for this team, great in the community," Brady said at the time. "I hope he's back but those decisions aren't up to me. Matt's performance speaks for itself."
ESPN NFL Insider Adam Schefter and ESPNBoston.com's Matt Reiss contributed to this report.