The person spoke Sunday on condition of anonymity because deal has not yet been announced.
Votto powered the Reds to the NL Central title last season as Cincinnati reached the postseason for the first time in 15 years. The first-time All-Star finished second in the NL in batting average at .324 and third in homers (37) and RBIs (113).
Votto made $525,000 last season and was eligible for arbitration for the first time.
AP Sports Writer Ronald Blum contributed to this report.