The Bears' first round draft pick this past spring, Smith came into the team's offseason workouts as the expected started at the middle linebacker position.
The two sides are finalizing the language in the contract before Smith signs, according to the report.
But almost four months after Chicago drafted Smith back in April, a deal is finally done, as NFL Network's Ian Rapoport reported on Twitter.More news: 21-year-old woman becomes youngest in U.S. to receive face transplant
The former star Georgia linebacker is guaranteed 18 million over four years.
Smith is already behind schedule, but the Bears' extended preseason makes it feel like he's missed more than he has.
Chicago took Smith with the No. 8 pick in April's draft. But the process of integrating Smith into Vic Fangio's system has been delayed as Smith and the Bears haggled over the details in his rookie contract.More news: Here's what Alexa and Cortana Windows 10 integration looks like
Smith's representatives at CAA Football are asking the Bears to include in the contract a written assurance that the team would not go after any of Smith's guaranteed money if he were suspended under the new rule, the sources said.He was the Butkus Award victor last season as well as an All-American linebacker and the SEC Defensive Player of the Year, recording 137 total tackles as part of a Georgia team that reached the national championship game.
On Sunday the Bears ended their workouts at Olivet Nazarene University and now transition to Denver where they'll join the Broncos for two joint practices before a preseason game at Sports Authority Field on Saturday.More news: Twitter restricts Infowars account