Denver will also send Washington an additional fifth-round pick in this year's draft and a conditional sixth-rounder in 2020.
Cravens' agent, Peter Schaffer, told ESPN on Wednesday that his client will go to Denver on Monday to meet with team officials.
"John [Elway] called him up and told him how excited they were to have him," Schaffer said. "Everyone is positive going forward and that's all Su'a is concerned about now."
Cravens was cleared to resume football activities in late December after suffering from post-concussion syndrome.
The Redskins placed Cravens on the exempt/left squad list on Sept. 3 after the second-year player said he wanted to retire. Cravens was dealing with family issues at the time.
On Sept. 18, Washington placed him on the reserve/left squad list, which meant he would have to sit out the season.
In 2016, Cravens suffered a concussion in Week 4 that caused him to miss two games. He said in a social media video that the concussion impaired his vision and prompted him to get glasses.
Cravens missed the final three games of that season because of an elbow injury. At one point late in the year, he did not show up to the facility, leaving the Redskins to wonder about his whereabouts.
He participated in offseason and training camp practices until injuring his knee in the opening game of the 2017 preseason. He required arthroscopic surgery, and Washington thought he would miss only two to three weeks.
As for Cravens' commitment to the game, Schaffer said: "That's not even a question in my mind. In every conversation we have, he breathes, he talks, he eats football. I don't understand what people are talking about."
ESPN's John Keim contributed to this report.