The deal is worth a maximum $13 million and, as ESPN suggests, probably means Kolb will be handed the starting position in Buffalo.
His main competition in Buffalo will be Tavaris Jackson, who the Bills signed in February.
Kolb's record as a starter is 9-12. He spent the past two seasons with the Arizona Cardinals where he threw for 17 touchdowns and 11 interceptions. During his career in Arizona, he was sacked 57 times.
Kolb was a 2007 second-round pick of Philadelphia out of the University of Houston.
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British discus thrower Lawrence Okoye has never played American football, but he apparently has attracted the attention of NFL teams based on his potential.
After the 21-year-old Olympian participated in a regional scouting combine last week in Atlanta, he said five teams expressed interest in him. The next step is the super regional on April 7 in Dallas.
The 6-foot-6, 248-pound Okoye had come to Florida to train but plans to put his track and field career on hold for a shot at the NFL.
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The Arizona Cardinals have interest in quarterback Carson Palmer, but "only if he doesn't cost too much," a source told the Arizona Republic.
The Cardinals are looking to trade late-round draft picks to the Oakland Raiders to get Palmer. But he must be willing to play for less than the $13 million salary he is due in 2013, according to the report.
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Free agent wide receiver Mike Jenkins has parted ways with his agent, Drew Rosenhaus, according to CBSSports.com. Jenkins has a contract offer from the Jacksonville Jaguars and still plans to visit the Oakland Raiders and Buffalo Bills.
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The Tampa Bay Buccaneers signed defensive tackle Derek Landri to a two-year, $3.25 million contract, NFL.com reported.