The Toronto Argonauts will acquire Ricky Ray from the Edmonton Eskimos in exchange for Steven Jyles, Grant Shaw and a draft pick, according to Sportsnet's Arash Madani.
The Eskimos have scheduled an afternoon news conference at Commonwealth Stadium to announce the deal.
The 32-year-old Ray had spent his entire nine-year CFL career with Edmonton, leading the Eskimos to two Grey Cup championships over that span.
Ray, 32, threw for 4,594 yards and 24 touchdown passes during the 2011 season.
Jyles began his CFL career with Edmonton in 2006 before being traded to the Saskatchewan Roughriders prior to the 2008 season.
He was traded to Toronto from Winnipeg in March 2011 but spent the first half of the season on injured reserve with a shoulder injury.
Jyles was the Argos' starter the second half of the season after incumbent Cleo Lemon was released as Toronto finished last in the East Division standings with a 6-12 record.
The Argonauts have been searching for stability at the quarterback position since Damon Allen retired.