MLB.com reported the Mariners had agreed with the coveted free agent on a 10-year deal.
The signing comes after a welter of rumor and speculation in which talks had reportedly broken down over the demand by the 31-year-old Cano and his agent -- rap mogul Jay Z -- for a 10-year deal.
The Mariners have yet to confirm the widely reported deal, apparently pending Cano's passing a physical exam.
Cano, a five-time All-Star, has spent his entire nine-year Major League Baseball career with the New York Yankees.
The Dominican Republic native finished fifth in American League Most Valuable Player voting in 2013 after hitting .314 with 27 homers and 107 runs-batted-in -- all team highs.
The two-time Gold Glove winner is a lifetime .309 hitter with 204 home runs and 822 RBI in 1,374 games.
Last month Cano rejected a qualifying offer from the Yankees of $14.1 million for one year, preferring to test his value as a free agent.
