The Titans later confirmed the agreement.
Adam Caplan of SiruisXM Radio first reported the deal..
Wright was one of two players from the 2012 NFL Draft who had yet to sign his contract (Jacksonville Jaguars wideout Justin Blackmon is the other) and has missed the first three practices of Titans training camp.
Wright's contract is for four years and valued at $8.2 million, with a signing bonus of $4.47 million, a source with knowledge of the deal told The Associated Press.
The holdup in the Wright negotiations has been how much of the deal would be guaranteed.
Players selected in the top 16 of the draft have received fully guaranteed contracts, while those selected in the second half of the first round have had a percentage -- typically between 80 and 92 percent -- of the deal guaranteed. However, last year's No. 20 overall pick, Tampa Bay Buccaneers defensive end Adrian Clayborn, bucked that trend while receiving a fully guaranteed contract that Wright's agent likely has cited as precedent in trying to obtain the same for his client.
Once signed, the 5-foot-10, 196-pound Wright is expected to be a major contributor in a Titans' passing offense that might not have Kenny Britt, who is coming off major knee surgery and had a recent DUI arrest, for the duration of the season.