The person spoke Friday on condition of anonymity because the contract was subject to a physical, which likely will be next week.
Myers' deal includes a mutual option for 2011. He also can earn additional performance bonuses.
The 29-year-old right-hander has played all eight of his major league seasons with the Phillies, going 73-63 with a 4.40 ERA. He was 4-3 with a 4.84 ERA in 10 starts and eight relief appearances last year, when he made $12 million.
Myers tore the labrum in his right hip in May, underwent surgery in June. He missed a rehab start in August after an eye injury, finally returned in September and made eight relief appearances in the last month of the regular season.
Myers made his major league debut with the Phillies in July 2002, when current Astros general manager Ed Wade was the Phillies' GM. Myers' best season was in 2005, when he went 13-8 with a 3.72 ERA in 34 starts, including two complete games. He was given a $25.75 million, three-year contract in February 2007, moved to the bullpen that season and saved 21 games.
Philadelphia acquired Brad Lidge from the Astros that offseason and Myers returned to the rotation. He went 10-13 with a 4.55 ERA in 30 starts in the regular season, then was 2-1 in the postseason to help the Phillies win the World Series.
Myers will rejoin former Philadelphia teammate Pedro Feliz, who agreed to a one-year contract with Houston at the winter meetings.
His agreement was first reported by KRIV-TV in Houston.
