Update: CSNPhilly's Jim Salisbury has confirmed this. Michael Barkann was the first to report it.
Byrd, part of the wave of dynamic Phillies talent that ascended through the farm system in the late 90s / early 00s, hit .291/.336/.511 with 24 home runs between the Mets and Pirates, helping lead the Buccos to their first postseason berth since 1992. Signed to a speculative minor league deal by the Mets in 2012, largely due to skepticim following a 50-game suspension in 2012 and a poor showing between the Cubs and Red Sox, Byrd turned in the solidly above-average performance the Phils had hoped they were getting in the five-tool outfielder over 10 years ago. Quite strong against left-handed hitters, and still an excellent corner outfielder, Byrd would figure to take over right field full time should this deal come to fruition. In Byrd, the Phils would hope for an exception to the rule of bringing back past talent, only to see it go bust.
Terms of deal: It's two years, according to FoxSports Ken Rosenthal.