The deal is pending a physical, which is scheduled for Monday, the sources said. Votto was eligible for arbitration for the first time this offseason.
Votto, who was named the National League's MVP in 2010, was also a first-time All-Star, finishing second in the NL in batting average at .324 and third in homers (37) and RBIs (113).
He led the NL in slugging percentage (.600), topped the major leagues in on-base percentage (.424) and had 16 stolen bases in 21 chances.
The 27-year-old first baseman helped the Reds win the NL Central as Cincinnati reached the postseason for the first time in 15 years.
Information from The Associated Press was used in this report.