According to NFL Network's Tom Pelissero, Eifert's deal is worth a maximum of $6.5 million. The base value of the contract is $4 million.
NFL Network's Ian Rapoport first reported the sides agreed to a one-year deal.
Eifert has the ability to be an impact player when he's healthy. The Indiana native made the Pro Bowl in 2015 after tying for fourth in the NFL with 13 receiving touchdowns and posting a career-high 615 receiving yards.
The major caveat with Eifert is his inability to stay on the field. He's never played a full 16-game schedule in six NFL seasons and has only appeared in 14 games over the past three years.
Last season was shaping up to be a strong bounce-back campaign for Eifert. He had 15 receptions and 179 yards in four games, but a broken ankle suffered in Week 4 against the Atlanta Falcons ended his year prematurely.
Cincinnati has C.J. Uzomah as its starting tight end. The 26-year-old set career highs with 64 targets, 43 receptions, 439 receiving yards and three touchdowns in 2018.
Eifert is going to be a wild card for the Bengals' offense next season. Any production they get from him should be considered a bonus just based on how many injuries he's dealt with in his NFL career.