Folk agreed to a one-year contract, according to a league source, and will sign Friday, the first day free agents are permitted to sign.
Folk revived his career last season after a brutal 2009 performance for the Dallas Cowboys, yet he wasn't too popular among fans. He endured a midseason slump that prompted the Jets to audition kickers, but they stuck with him and he finished the regular season by making eight consecutive field goal attempts.
In the playoff opener, Folk lifted the Jets to a 17-16 victory over the Indianapolis Colts by making a 32-yarder as time expired. The following week, in a divisional-round win over the New England Patriots, he missed from 30 yards.
Folk was 30-for-39 on field goals in the regular season, and was 37-for-37 on extra points.
Before the lockout, the Jets signed veteran journeyman Nick Novak, who presumably will compete with Folk in training camp.
Rich Cimini covers the Jets for ESPNNewYork.com.