Tyrann Mathieu, a three-time All-Pro safety, will join the Saints, NFL Network Insider Ian Rapoport reported Monday.
The Saints will pay Mathieu $33 million over three years, per Rapoport.
Mathieu, who spent the previous three seasons with the Kansas City Chiefs, is heading home. Mathieu, from New Orleans, attended LSU.
Mathieu, the Saints' sixth-ranked free agent on NFL.com's top 101 list, waited days after the team passed on the safety position in the draught.
It was always the Saints' preference to sign Mathieu, who also met virtually with the Eagles.
Mathieu,29, joins Marcus Maye, who signed a three-year deal in March's first wave of free agency.
Former Houston Texans safety Justin Reid had signed with Kansas City just a day before Maye was reported to be leaving.