The deal includes a $4 million signing bonus and $7 million in guaranteed money, the report says. The Cowboys signed Beasley as an undrafted free agent out of SMU in 2012.
Over 16 games last season, the 5'8'' Beasley caught 37 passes for 420 yards and four touchdowns. The 25-year-old also hauled in seven passes for 101 yards in Dallas' two playoff games against the Detroit Lions and Green Bay Packers.
The Dallas Morning News notes that Beasley could make as much as $15.1 million with performance incentives. News of the agreement with Beasley comes one day after the Cowboys used the franchise tag on leading receiver Dez Byrant.
Dallas went 12-4 and finished first in the NFC East last season.