Free agent wide receiver Josh Reynolds is signing a two-year deal worth up to $14 million with the Denver Broncos, a source told ESPN's Adam Schefter on Wednesday.

Reynolds' addition comes after the Broncos traded wide receiver Jerry Jeudy to the Cleveland Browns earlier this month. Reynolds joins a depth chart that includes Courtland Sutton, Marvin Mims Jr., Tim Patrick and others.

Reynolds has provided a veteran presence within the Detroit Lions' receiving corps as a consistent target for quarterback Jared Goff over the past few seasons. In 2023, he finished with 608 yards on 40 catches with 5 touchdowns.

The yardage total, which he reached on the final drive of the regular-season finale, was significant because it triggered a $250,000 bonus clause for surpassing 600 yards for the season. His total was third highest on the team.

At the NFL's annual league meetings this week in Orlando, Florida, Lions general manager Brad Holmes said he hoped to re-sign Reynolds.

"He's one that was part of the original [free agent] plans," Holmes told reporters. "Still having dialogue, we'll just kind of see where that goes. But that's really the only one that's still out there that we had originally planned so far."

Reynolds, 29, was claimed in November 2021 after he was waived by the Tennessee Titans. He signed a two-year extension with the Lions before the 2022 season.

Reynolds, who spent his first four NFL seasons with the Los Angeles Rams after being selected in the fourth round of the 2017 draft, has 220 career receptions for 2,933 yards and 19 touchdowns in 107 games. He's averaged 13.3 yards per catch over those seven seasons.

ESPN's Eric Woodyard contributed to this report.