The new contract is expected to be for at least two seasons, with an optional third-year likely.
Lewis was slated to become an unrestricted free agent on February 29th, but has repeatedly stated that he wanted to return to the Browns, where he ran for 1,300 yards despite missing time with injury. The team's general manager, Phil Savage, said earlier this week that the team wanted to re-sign their rushing attack's "bell cow" for next year.
The OBR's John Taylor reports that both sides are denying that a deal has been completed as of 3PM today. It's believed that the deal has been agreed to in principle and will be signed as contract language is finalized.
The news of the signing ties to reports by the OBR's Lane Adkins in our Ask the Insiders forum in recent days. We'll have more on Lewis' contract details forthcoming as soon as we can get them.