The deal is worth $6 million but it could reach $7 million with incentives, per Rapoport.
He showed his emotion Monday on Twitter in response to the new contract:
A fourth-round pick by the San Francisco 49ers in 2015, Davis spent the past two years with the Seattle Seahawks. He is coming off by far the best season of his career, totaling 514 rushing yards, 214 receiving yards and five total touchdowns.
His 728 yards from scrimmage were more than his first three years in the league combined (542).
Perhaps more important than his overall production was his efficiency. The 26-year-old saw limited opportunities splitting time with breakout star Chris Carson and rookie first-round pick Rashad Penny but still managed to tally 4.6 yards per carry.
With more rushing attempts in a high-powered offense, Davis has a lot of upside.
Meanwhile, Bleacher Report's Matt Camp noted the effect this could have on the rest of the Bears roster:
Running back Jordan Howard has been the source of trade talks over the past week, according to Adam Schefter of ESPN.
Davis can be the same type of early-down back to pair with Tarik Cohen, while he has also shown he can make an impact in the passing game. With just 234 career carries, he also has less mileage on his body than Howard (778 career carries).
Of course, there might be enough carries to go around considering Chicago ranked sixth in the NFL in rushing attempts last season.