Graham can not officially sign with the Packers until Wednesday, when the National Football League free agency period opens. The move comes around the same time that the Packers have released star wide receiver Jordy Nelson, reports NFL Network.
The move will preserve over $10 million in cap space for the Packers.
During his time in Green Bay, Nelson developed a sixth sense on the field with quarterback Aaron Rodgers, whether it was their back-shoulder passes, spectacular sideline connections or overall production on scramble drills. He was scheduled to count over a little over $12.5 million on the Packers' cap in 2018. Graham remains a touchdown-scoring force but didn't offer much after the catch in 2017.
Nelson's 10-year run with the Packers ends as one of the top wide receivers in Green Bay history. Cobb was given his chance in 2015 to be the go-to guy, when Nelson missed that season, but it didn't happen.
"This is a big puzzle, and there's limitations", Gutekunst said of the big-money contracts being handed out and the decision to release Nelson after 10 years in Green Bay.
In a team statement, GM Brian Gutekunst spoke of Nelson in the past tense. "He has been an exemplary professional and teammate and greatly contributed to our success".
The deal reportedly includes $20 million guaranteed and represents a significant payday for the player who was Seattle's first pick in the 2014 draft, taken in the second round at number 45 overall.
There was a chance that the Seahawks would tag Graham to keep him in the fold for 2018, but they opted to let him hit the market. Graham would theoretically replace Martellus Bennett, who was released late last season.
Jordy Nelson and his wife, Emily have two sons, Royal and Brooks, and an adopted daughter, Adda Jo.