As part of the deal, Ochocinco, who legally changed his name from Chad Johnson in 2008, will receive a three-year deal replacing the one year he had remaining on his contract.
Ochocinco, 33, is the Bengals all-time receiving leader with 751 receptions, 10,783 receiving yards and 66 touchdowns in 10 seasons. He started 12 games last season scoring four touchdowns and gaining 831 yards.
"He was an incredible player here," Bengals coach Marvin Lewis said in the report. "I will miss him as a player and a person. I wish him the very best and thank him for his hard work for me."
(Reporting by Mike Mouat in Windsor, Ontario. To query or comment on this story email firstname.lastname@example.org)