The agreement was first reported by The Associated Press. League sources told Stein that the deal is in the $70 million range.
Biyombo enjoyed a breakout season with Toronto in 2015-16 and saw his stock rise significantly during a postseason in which he averaged 6.2 points, 9.4 rebounds and 1.4 blocks per game while filling in admirably as a starter with Jonas Valanciunas injured.
Biyombo, 23, struggled early in his NBA career before finding his footing in Toronto. The No. 7 overall selection in the 2011 draft, Biyombo did not opt in to the final season of his two-year, $5.6 million deal, with hopes of receiving a substantial raise in free agency.
The Raptors did not possess Biyombo's Bird rights, meaning they could not exceed the salary cap to sign him. Biyombo must sit out the 2016-17 opener for accumulation of flagrant foul points in the playoffs.
Information from ESPN's Mike Mazzeo was used in this report.