According to Rapoport, the two sides are closing in on a deal, and Bulaga was a high priority for Green Bay.
Yahoo Sports' Rand Getlin reports that Bulaga's deal is expected to be worth around $7 million per year, but that discussions are still ongoing.
The 25-year-old was drafted by the Packers in the first round in 2010 and has spent five seasons in Green Bay. He started 15 games last season after missing the entire 2013 season due to a torn ACL.
NFL free agency begins at 4 p.m. ET on Tuesday.
- Molly Geary