Deals cannot be officially signed until Wednesday afternoon.
Colvin, 26, played in all 16 games for the Jacksonville Jaguars last year, and he started five of them. He played 67 percent of the Jaguars' defensive snaps.
Colvin has started 25 games in his NFL career, including 15 for the Jaguars in 2015.
Colvin was the Jaguars' third cornerback last season behind Jalen Ramsey and A.J. Bouye. A year ago, the Jaguars signed Texans free agent Bouye to a five-year, $67.5 million contract.