While the signing cannot be made official until the NBA's annual moratorium is lifted July 10, Blatche will get a one-year contract worth $1.4 million.
Blatche met with Nets general manager Billy King and coach Jason Kidd Monday.
The Nets, who are well over the salary cap, could only offer Blatche 120 percent of the veteran's minimum -- or all or part of the taxpayer mini mid-level exception -- because they did not have his Bird Rights.
But Blatche is still owed $16 million over the next two seasons after he was amnestied by the Washington Wizards prior to signing a one-year, non-guaranteed contract with the Nets last offseason. He was seen frequently working out at the team's practice facility in East Rutherford, N.J., and the Nets were confident they could re-sign him.
Blatche, 26, enjoyed a breakout season for the Nets in 2012-13, averaging 10.3 points and 5.1 rebounds while shooting a career-high 51.2 percent from the field and playing in all 82 games.
The Nets will now turn their attention to using their mini mid-level exception, likely to add shooting help on the wing. The team is interested in talented 3-point marksman Kyle Korver, a source said, and point guard Deron Williams has been actively recruiting his good friend and former Utah Jazz teammate on Twitter.
The Nets are also intent on bringing in another point guard to compete with second-year pro Tyshawn Taylor minutes, backing up Williams. Sebastian Telfair and Shaun Livingston are two possibilities to fill that role, sources said.
Mike Mazzeo is a regular contributor to ESPNNewYork.com.