McClane noted Jenkins' deal includes $16.5 million in guaranteed money and features a $9 million signing bonus, per an NFL source. The contract could reportedly max out at $35 million based on incentives.
Jenkins spent the first five years of his career in New Orleans before playing his last six years with the Philadelphia Eagles.
The Eagles informed him Tuesday they would not pick up his option for 2020, making him an unrestricted free agent.
"Malcolm Jenkins has been an outstanding player for us and we are proud of everything he accomplished both on and off the field during his time in Philadelphia," the Eagles said in a statement. "Malcolm was a great teammate and leader, as well as one of the toughest and most reliable players to ever play in our city."
Jenkins started 96 straight games with Philadelphia, earning three Pro Bowl selections during this stretch.
He led the team with 81 tackles in 2019 and matched a career high with 2.5 sacks. Per Pro Football Reference, he blitzed 75 times from the safety spot last year.
The versatility could be valuable to a New Orleans defense that struggled with consistency last season, finishing 20th against the pass.
With safety Vonn Bell also a free agent this offseason, the Saints have decided to bring in a veteran who has won two Super Bowls in his career—one with New Orleans and one with Philadelphia.
The addition could help turn the secondary into a strength going into 2020:
After three straight disappointing playoff exits, the Saints will hope this move puts them over the top.