Free agent WR Victor Cruz has agreed in principle to a one-year deal with the Bears, reports Ian Rapoport of NFL.com.
Cruz had also been drawing interest from the Jaguars and Ravens, according to multiple reports.
Cruz met with the Panthers earlier this offseason.
The 30-year-old Cruz was released by the Giants in February after spending six seasons with the team. He would've been owed $7.4 million this season, with a cap hit of $9.5 million.
He recently accused the Giants of intentionally suppressing his production to make it easier for the team to cut him, which head coach Ben McAdoo denied on Thursday.
"I did some great things there," Cruz said about the Giants after his release. "There are so many experiences, times and moments that I shared in that building with that team in that jersey. Those can't be replaced or forgotten. I'm happy I have those moments to look back on."
Cruz, who missed most of 2014 and all of 2015 due to injuries, had 39 catches for 586 yards and one touchdown last season.