The person spoke on Monday to The Associated Press on condition of anonymity because the team had yet to announce the move.
A conference call is scheduled for later Monday.
The 41-year-old Swede had been contemplating coming back for a 20th season or retiring.
Lidstrom is a Norris Trophy finalist for the 11th time in 13 seasons. If he wins the award for being the NHL's top defenseman - it would be his seventh - he will match Doug Harvey's total and trail Bobby Orr's record by only one.