The Jets are expected to name Baltimore's defensive co-coordinator Rex Ryan as their new head coach today and have a formal press conference Wednesday.
Ryan agreed to a four-year contract worth close to $12 million, said the source, who spoke on the condition of anonymity because the deal had not been announced.
The agreement likely will be announced today and Ryan is to be formally introduced at a news conference Wednesday.
Ryan is the son of former Eagles and Cardinals head coach Buddy Ryan. He has a brother Rob who also coaches in the NFL.
Other applicants besides Ryan, 46, were New York Giants defensive coordinator Steve Spagnuolo, who was hired Sunday to coach the St. Louis Rams; Jets offensive coordinator Brian Schottenheimer; and Arizona Cardinals assistant Russ Grimm.