The sides have come to terms on the major issues of a deal, but they're still working out some language, according to the source. Both Penn and his agent, Rocky Arcineaux, were en route to Tampa on Friday night, and they will meet with Bucs officials Saturday, when the lineman is scheduled to sign the deal.
Penn hadn't signed his restricted free-agent tender and didn't plan on doing so.
The new contract brings closure to a long-lingering issue of Penn's future, as the sides had been working on an extension for well over a year. In the past, the sides had come close to deals, only for talks to break down. Now, finally, it's essentially resolved with just formalities to be ironed out Saturday.