The guarantee for the first six years totals $102 million, sources said. The deal includes a $22 million option for a seventh year, with a guaranteed $4 million.
Reyes, 28, is coming off the best year in his career. He hit .337 for the New York Mets to win his first batting title. In nine years, all with the Mets, he has batted .292 with 370 steals and 740 runs scored.
Earlier in the offseason, Miami offered Reyes a six-year, $90 million deal, which he rejected.
Reyes' signing would mean the Marlins' All-Star shortstop, Hanley Ramirez, will have to change positions. Publicly, the Marlins are saying they haven't decided whether Ramirez would move to third base or center field. However, one source close to Ramirez told ESPN.com that Ramirez already has agreed to move to third base next spring.
Signing Reyes, the best shortstop available during the winter, was established as the main objective of the Marlins in the offseason, as they prepare to open a luxurious new stadium near downtown Miami in April.
On Thursday, free agent closer Heath Bell agreed to a three-year contract, pending a physical, sources told ESPN.com.
Now that they've checked Reyes off their to-do list, the Miami Marlins have an even bigger name on their radar screen -- Albert Pujols.
Sources told ESPN.com on Sunday night that the Marlins plan to make an aggressive run at Pujols over the next two days.
A source also told ESPNDeportesLosAngeles.com that Miami has emerged as the most likely destination for Pujols if the slugger decides to leave the St. Louis Cardinals, the only team he has played for in his 11-year career.
Information from ESPN The Magazine senior writer Buster Olney, ESPN.com senior writer Jayson Stark, ESPNDeportes' Enrique Rojas and ESPNNewYork.com's Adam Rubin was used in this report.