The Kansas City Chiefs are finalizing a deal to send star cornerback L'Jarius Sneed to the Tennessee Titans, league sources told ESPN's Adam Schefter on Friday night.

The Chiefs are expected to receive a 2025 third-round pick, in addition to a 2024 seventh-round pick swap, for Sneed, who will sign a new contract with Tennessee, sources said.

Sneed and the Titans have the framework of an agreement that they have been working on for days, sources told Schefter. It will be formalized after Sneed passes his physical, and it will make him one of the highest-paid cornerbacks in NFL history.

The Chiefs placed the nonexclusive franchise tag on Sneed earlier this month. That allowed him to talk to other teams, who then could work out a trade with the Chiefs.

The Titans already signed veteran cornerback Chidobe Awuzie to a three-year, $36 million deal at the start of free agency. Sneed and Awuzie will become the outside cornerbacks with Roger McCreary as the nickel as the Titans contend with quarterbacks C.J. Stroud, Trevor Lawrence and Anthony Richardson in the AFC South.

Sneed joins a list of key Titans free agent acquisitions this offseason that includes linebacker Kenneth Murray. General manager Ran Carthon signed center Lloyd Cushenberry and guard Saahdiq Charles to shore up the offensive line. And the offense also got a boost when Carthon added wide receiver Calvin Ridley and running back Tony Pollard.

In 2023, Sneed had by many measures his best season since he joined the Chiefs as a fourth-round draft pick in 2020. Sneed covered the opponents' top receiver on at least 65% of the snaps a league-high seven times during the regular season, according to NFL Next Gen Stats data.

Only once were any of those receivers able to catch more than two passes. Davante Adams of the Las Vegas Raiders had five catches for 73 yards on seven targets against Sneed in a Week 12 game.

Sneed, 27, didn't allow a touchdown catch as the nearest defender in coverage all season until the Chiefs' divisional-round playoff win over the Buffalo Bills.

In the AFC Championship Game against the Baltimore Ravens, Sneed lined up against Zay Flowers 21 times. Sneed allowed one catch for 54 yards, but later in the game made one of the biggest plays of the game by knocking the ball from Flowers just before he crossed the goal line. The Chiefs recovered the fumble in the end zone.

In 57 regular-season games, Sneed has 10 interceptions and 40 passes defended. He has one interception and seven passes defended in 13 postseason games.

Once the trade is executed, Sneed's departure to Tennessee will free up $19.8 million against the Chiefs' salary cap.

Information from ESPN's Adam Teicher was used in this report.