The Jets would obtain Favre, 38, for a draft pick that could rise in value depending on how the Jets perform in the 2008 season, FOXSports.com reported. ESPN.com confirmed those details.
The Jets declined to comment on the report.
According to FOXSports.com, Favre spoke with Jets coach Eric Mangini and others in the New York organization for the first time late Tuesday as they tried to convince Favre he would be a good fit in New York.
With the deal, the Jets will likely release a quarterback, FOXSports.com reported. Chad Pennington could be a likely target because of the Jets' need to clear salary cap room to accommodate Favre's contract, the Web site said.
Favre's agent, James "Bus" Cook, confirmed in an e-mail to the Associated Press earlier yesterday that the Tampa Bay Buccaneers and Jets were emerging as the most likely trade destinations for the quarterback, who flew back to his home in Mississippi.
Packers general manager Ted Thompson was not seen at practice yesterday morning, and his scheduled early afternoon media availability was postponed indefinitely - signs that a deal might be imminent.
But with the Packers preparing for another practice without Favre last night, nothing had been announced and Thompson still hadn't spoken publicly.
Favre was on a private plane that left for Hattiesburg, Miss., at 1:25 p.m. Cook and Favre's wife, Deanna, also were aboard the plane that landed two hours later. Favre's family home is near Hattiesburg.
In Mississippi, Favre confirmed that he was considering the Buccaneers and Jets.
"We're working on it," Favre said in video posted on Jackson TV station WJTV's Web site. "Hopefully we can get something resolved."
Tampa Bay coach Jon Gruden declined to address speculation that the team was on the verge of a deal for Favre, sidestepping a question about whether he had spoken to Favre on Tuesday night.
"I'm not going to talk about it," Gruden said. "I don't know anything other than what happened today on the practice field, and I don't want to address any more speculation at this point. Brett's situation will resolve itself during the coming days, I would assume."
The Jets had no comment on Favre.
McCarthy said he was happy the rest of his players were getting a chance to move forward.
"The players want resolution. They want what everybody wants," McCarthy said. "To come out here every day and talk about somebody that is not here and then shows up, it's gone on too long, and understandably so. They want to play football."
*Bears Chicago named Kyle Orton the starter for the preseason opener against Kansas City tonight. Finding a winner in his derby with Rex Grossman will take more time, though. "In a perfect world, before the regular season starts," coach Lovie Smith said.
*Bills Starting strong safety Donte Whitner will miss Buffalo's preseason opener at Washington on Saturday because of a sore left ankle. Wide receiver Josh Reed also is expected to miss the game because of a sore lower back.