Estrada, 32, was given a one-year, $15.8 million qualifying offer from the Blue Jays. The deadline to accept the qualifying offer is 5 p.m. ET on Friday. If Estrada had declined the qualifying offer and the reported two-year deal and then signed with another team, Toronto would receive a pick in next year's Draft as compensation.
The reported two-year offer is worth $26 million, according to multiple reports, and was first reported by the New York Post.
Estrada, acquired last offseason from Milwaukee, turned in a career year in 2015, going 13-8 with a 3.