The agreement was first reported by ESPN.com's Henry Abbott.
Iguodala, who was a restricted free agent, helped the 76ers reach the playoffs for the first time in three years. An official announcement is expected Monday.
Iguodala averaged 19.9 points, 5.4 rebounds, 4.8 assists and 2.1 steals in 82 games last season. He struggled in the playoffs against Detroit, averaging 13.2 points, 4.8 rebounds, and 5.0 assists.
The 24-year-old Iguodala could've played this season under terms of a $3.8 million, one-year qualifying offer and become an unrestricted free agent next year.
Selected with the ninth overall pick in the first round of the 2004 NBA draft, Iguodala has averaged 14.8 points, 5.7 rebounds and 4.1 assists in his career. He's also been durable, missing just six games in four years.
Information from The Associated Press was used in this report.