Wells must still pass a physical, and the deal must be approved by the commissioner's office.
The Angels will pay about $29 million of the remaining $42 million in salary that is owed to Wells over the next two seasons, Jon Heyman of CBSSports.com reported.
It remains unclear what the Angels will receive in return, and the deal won't be official until Monday at the earliest.
Wells has already cleared out his locker with the Angels, according to the Los Angeles Times.
Wells, 34, hit .230 with 11 homers in 262 plate appearances last season.