Bob Nightengale of USA Today reports the deal is for three years. The deal is pending a physical, according to Jim Salisbury of NBC Sports Philadelphia.
Arrieta played the past five seasons with the Cubs and was a key member of the 2016 World Series championship winning team. Arrieta has been replaced by Yu Darvish in the Cubs rotation after the Japanese ace signed a six-year deal worth $126 million. The Cubs reportedly reached out to Arrieta before signing Darvish to offer a deal in case Darvish rejected the Cubs' offer.
Arrieta went 14–10 last season with a 3.35 ERA and 1.218 WHIP. It marked the first season of his career with double digit losses.
At the start of free agency, Arrieta was believed to be one of the top free agent pitchers on the market but his agent Scott Boras was believed to initially be seeking a long-term deal in the $200 million range.
He turned 32 years old last week.
The Phillies finished last season with a 66–96 record at the bottom of the National League East.