According to Woodson's agent, Carl Poston, the Pro Bowler has verbally OK'd a seven-year, $52 million deal, picking Green Bay over Tampa Bay. Woodson reportedly will be guaranteed at least $10.5 million during the first year of the contract.
The deal is also likely structured much in the way LaVar Arrington's incentives-laden deal was with the Giants.
Woodson, who visited Green Bay on April 3, had been talking to the Bucs about joining their secondary, likely as a safety, but opted for the money that the Packers were offering instead. Woodson played in just six games last year before broken leg cut his season short. He has 17 career interceptions but in the last five years has only had one season with more than one pick.
Woodson is expected to replace Ahmad Carroll at cornerback in the lineup. Carroll, Green Bay's top pick in 2004, has struggled in each of his first two seasons.
Woodson ended the 2004 season on IR with a hip injury and then last year broke his leg on October 25 in a win over the Bills.
As Oakland's franchise player last year the former Heisman Trophy winner earned more than $10 million in salary a year ago as the Raiders' franchise player.
Note: Scout.com's Adam Caplan contributed to this report.