Tom Pelissero of NFL Network reported the contract is for three years and worth $42 million.
Waynes is the second big addition to Cincinnati's defense. The Houston Chronicle's Aaron Wilson reported the Bengals agreed to a $53 million deal with defensive tackle D.J. Reader.
Taken 11th overall in 2015, Waynes had spent the first five years of his career with the Vikings. The Michigan State product recorded 247 total tackles, 42 pass breakups, seven interceptions and one sack in 60 games.
According to Pro Football Focus' Austin Gayle, he was the fifth-best run-stopping corner (4.7 percent) in 2017.
In other words, he can do more than just defend the pass.
The Wisconsin native has also done a good job of staying on the field. He has missed just six games through his first five years as a pro, appearing in all 16 regular-season games in 2017. That type of reliability only adds to his value.
Signing with Cincinnati will provide Waynes with a new opportunity and a chance to show what he can do outside of Minnesota.