The deal includes $6 million guaranteed. The contract has a base value of $15 million with 40 percent guaranteed and has an escalator clause that can boost the total value to $18 million, according to a source.
The team said the deal is pending a physical.
The Chiefs are upset about losing Sanders and believe they had a verbal agreement with Sanders' agent, Steve Weinberg, according to NFL Network.
Sanders is a versatile slot wide receiver who can also line up outside and has return skills.
Last season, Sanders caught a career-high 67 passes for 740 yards and six touchdowns.
The former SMU standout has caught 161 career passes for 2,030 yards and 11 touchdowns in four NFL seasons.
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Aaron Wilson covers the Ravens for The Baltimore Sun.