According to the report, the deal is dependent on the 49ers signing former Baltimore Ravens wide receiver Torrey Smith and Smith passing his physical. Smith reportedly agreed to a five-year deal with the 49ers on Tuesday.
Johnson was acquired by San Francisco from the Buffalo Bills in exchange for a fourth-round pick in May 2014. He spent his first six seasons with Buffalo and had 35 catches, 435 yards and three touchdowns in 13 games last season.
Johnson, 28, was scheduled make $5.5 million and $5.85 million in the final two years of his deal.
In seven NFL seasons, Johnson has 4,267 receiving yards and 31 touchdowns.
- Scooby Axson