Talks reportedly had broken down early Friday morning after Cano and his agent, rapper and recording producer Jay-Z, had flown to Seattle Thursday night to meet with upper-level Mariners management.
According to reports, the 31-year-old Cano will undergo a physical on Monday. He spent the first nine seasons of his major league career with the New York Yankees and is a five-time all-star.
ESPN also reported that the Mariners gave Cano a full no-trade clause.
Last season, he posted a .314 batting average, 27 home runs, 107 runs batted in and .899 on-base-plus slugging percentage to finish fifth in American League MVP voting.
Cano is a workhorse, having averaged 160 games played over the past five seasons.
Detroit first baseman Miguel Cabrera and Cano are the only players to hit .300 with at least 25 home runs in each of the last five seasons.
Adding Cano is a step in the right direction for a Seattle club that was 12th in the AL last season in runs scored.
The Yankees were said to be willing to offer a seven-year contract worth $175 million, but had already signed former Boston outfielder Jacoby Ellsbury for seven years and $153 million and one-time Atlanta Braves catcher Brian McCann to a five-year, $85.5 million pact.
The Mariners have plenty of money to work with as only ace starting pitcher Felix Hernandez ($22 million) and Hisashi Iwakuma ($6.5 million) are making significant money next season.
Recently, they have been linked to Tampa Bay Rays ace left-hander David Price, who has two years left on his contract. Many believe Seattle has the prospects to get a deal done, including pitching prospect Taijuan Walker and second baseman Nick Franklin.