Financial terms were not disclosed, but FOX Sports' Ken Rosenthal reports that the deal is worth $82 million.
Martin spent the past two seasons with the Pittsburgh Pirates. It was reported that the Chicago Cubs had the inside track on signing Martin. The Los Angeles Dodgers also reportedly had interest in signing the three-time All Star.
Martin rejected a one-year, $15.3 million qualifying offer from Pittsburgh. The Pirates will receive a draft pick as compensation because Martin signed with another team.
Martin hit .290 last season with 11 home runs, 67 RBIs and a .402 on-base percentage in 111 games, helping the Pirates earn a berth in the Wild Card game, which they lost to the San Francisco Giants.
In eight MLB seasons, Martin is a career .259 hitter with 119 home runs and 540 RBIs.
The Blue Jays finished third in the AL East last season with a record of 83-79. They have not been to the playoffs since winning back-to-back World Series titles in 1992 and 1993.
- Scooby Axson