Ian Rapoport of NFL Network reported the two-year deal is for $6.5 million "with significant upside."
Stanton completed just 11 of 25 passes for 104 yards, no touchdowns and two interceptions in limited action last season, but he is just two years removed from playing a critical role with the team.
In 2014, Stanton stepped in for the injured Carson Palmer and lead Arizona to a 5-3 record in eight starts along with an NFC Wild Card berth.
As late as Tuesday morning, it appeared a deal between Stanton and the Cardinals was not going to happen, per Zach Links of the website Pro Football Rumors. However, speaking on SiriusXM NFL Radio (h/t Links), the 31-year-old seemed to give the edge to the Cardinals.
“I feel like this is a good situation here in Arizona. Is there a better opportunity for me elsewhere? I don’t know,” Stanton said.
Palmer is signed through the 2017 season. But he is 36 with two ACL tears in his past, so the backup quarterback position is an important one in Arizona. While Stanton's career quarterback rating of 69.1 is not ideal, it was 78.7 in 2014, and after his three years with the Cardinals, it would be easy for him to step in should Palmer go down with another injury.