Sources close to the process told ESPN.com that Livingston and the Warriors have struck a deal that will pay him the league's full mid-level exception for the next three seasons, which is valued at an estimated $16 million.
Livingston confirmed the deal in a phone interview with ESPN The Magazine's Jordan Brenner Tuesday night.
"It's the fit. Definitely the fit," Livingston said. "I want to remain competitive and this is the best opportunity.
"It's sweet to just be in this opportunity," he added. "You look at coming into the year, you look at what everyone expected me to do and then you look at the offers and the deal that came in. It's sweet."
The deal can't officially be signed until July 10, when a league-wide moratorium on signings and trades is lifted.