NBC Sports' Pro Football Talk reported that $3 million of the deal is guaranteed to the former Atlanta Falcon.
"It seemed like a great opportunity and they stressed they wanted me here," Grimes told the media.
Grimes, who was a Pro Bowler in 2010 and has 13 interceptions in his six-year NFL career, tore an Achilles tendon in last year's season opener. He made $10 million in 2012.
"I am doing great," Grimes said. "I am really encouraged by this rehab. I look at it as a challenge and I respond well to challenges and I am 100 percent confident that I will be straight in no time."
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The Buffalo Bills are scheduled to work out University of Southern California quarterback Matt Barkley on Monday, according to ESPN.
The Bills have the number eight pick in next month's draft and are in need of a quarterback. They have already met with West Virginia's Geno Smith and Florida State's E.J. Manuel.
Barkley completed 56 of 62 passes, including two drops, during his Pro Day workout last week, according to USA Today. He did not work out at the NFL Scouting Combine in February because he was resting his injured right shoulder. He threw 36 touchdowns and 15 interceptions before separating the shoulder in November.
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In Philadelphia, the Eagles have agreed to a three-year contract with rookie free agent wide receiver Ifeanyi Momah. The 6-foot-7 Momah sat out last season recovering from a knee injury suffered in his senior year at Boston College in 2011.
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Free agent cornerback Terence Newman announced via Twitter on Saturday that he has declined a contract offer with the Oakland Raiders and is staying with the Cincinnati Bengals. Newman wrote that the Raiders offered him more money but he likes playing in Bengals defensive coordinator Mike Zimmer's system.
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Free agent cornerback Mike Jenkins has a contract offer from the Jacksonville Jaguars but plans to visit the Oakland Raiders, according to the Dallas Morning News. Jenkins has played for the Dallas Cowboys since he was drafted in the first round in 2008. The 28-year-old was selected to the Pro Bowl in 2009. He lost his starting job last year.
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New England Patriots defensive back Devin McCourty recently had minor shoulder surgery, the Boston Globe reported. He is rehabbing the shoulder and is expected to be ready for training camp this summer. It is not clear when he was injured.
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