This move was expected for some time.
According to The Baltimore Sun's Aaron Wilson, the Bears will sign outside linebacker Pernell McPhee to a five-year, $40 million contract. McPhee was mostly a rotational player with the Ravens, with the versatility to play multiple positions, but should see more playing time in Chicago.
There was never a shot for McPhee to return to the Ravens since they weren't going to pay the $8-10 million per year McPhee was hoping to get. He's getting that, though on the lower side of the spectrum, with the Bears.
The Ravens have had a trend of drafting talented defenders that cash in after their rookie deals are up. In recent years, Paul Kruger, Dannell Ellerbe and Arthur Jones have all used their Ravens success to head elsewhere for a big pay day.
McPhee had 7.5 sacks in 2014 and played a vital pass-rushing presence on defense.