Feldman was 5-6 with a 4.27 ERA in 90 2/3 innings for the Orioles and 12-12 with a 3.86 ERA overall in 2013.
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The Orioles wanted to retain him – and Feldman expressed a desire to return – but the club did not want to go beyond a two-year deal with the 6-foot-7 right-hander.
The starting pitching market has been especially inflated this season, and it became increasingly obvious as other free agent pitchers signed that Feldman would land a three-year deal in the $10 million range per season.
Fox Sports first reported the deal, which is pending a physical.