The deal will not become official until Wednesday at the start of the new league year.
The Eagles will exercise the 2018 option before dealing him to Carolina, according to the source. The Panthers will assume the final two years of Smith's deal at $5 million per season, although the money is not guaranteed. He posted a career-high 1,128 yards receiving with the Ravens in 2013, but has failed to cross the 1,000-yard mark since.
The Panthers apparently are willing to live with that in order to get faster at receiver. He made an unbelievable catch in the NFC divisional playoff game against the Atlanta Falcons and scored a touchdown in the NFC championship game off of flea-flicker pass from quarterback Nick Foles. Worley is also a Philadelphia native who has three interceptions and two sacks the last two seasons.
The move signals that the Eagles will be giving Mack Hollins a chance to start next season in Smith's spot.
The hope was for the Ravens to pick Smith up in free agency. Worley's addition would give the Eagles five talented cornerbacks on the roster younger than 25, as he'd join Jalen Mills, Ronald Darby, Sidney Jones and Rasul Douglas in a crowded secondary.
Daryl Worley, who was born in Philadelphia, struggled past year only recording a pair of interceptions in the Panthers secondary.