The contract includes $8 million guaranteed, with a $5 million signing bonus. The deal has a $25 million base value, including workout and roster bonuses with $5 million more in incentives tied to playtime, playoff appearances and interceptions.
Turner told The Baltimore Sun that Parker will sign his contract Saturday after a lengthy round of negotiations with the Chiefs overnight. It's the largest deal for an undrafted safety in NFL history.
The Ravens had interest in Parker, but their salary-cap constraints wouldn't have allowed them to go to that level financially.
A former undrafted free agent from Newberry, Parker graded out as one of the NFL's top safeties last season, his first as a starter. He started all but one game and recorded a career-high 94 tackles with an interception, a sack and a forced fumble, and had a dozen passes defended.
The 6-foot, 206-pound Parker has 114 career tackles and three interceptions, but is regarded in NFL circles as an improving player.
Parker, who made $645,000 last season, started four games at cornerback and 11 at safety in 2014. That kind of versatility could provide a boost to the Ravens' secondary, which struggled last year with injuries.
Parker is regarded as best suited to play safety despite having his moments at cornerback last season, including holding Buffalo Bills wide receiver Sammy Watkins to four catches for 27 yards in a November win.
The Chiefs led the NFL in pass defense last season, allowing just 203.2 yards per game.