Financial terms and the length of an impending contract were not disclosed. Tebow is reportedly on his way to the team facility in Foxborough as the Patriots and Tebow brokered a deal within the last 24 hours.
Tebow was released by the Jets in April after spending one only uneventful season with team.
The move reunites Tebow with Patriots offensive coordinator Josh McDaniels, who was the Broncos head coach when they drafted Tebow in the first round in 2010.
Tebow will likely try to just make the roster as quarterback in New England as he will fight for playing time behind Tom Brady and his backup Ryan Mallett. The team cut three-year veteran Mike Kafka to make room for Tebow on the roster.