The 33-year-old sharpshooter averaged 15.0 points per game while shooting.429 from beyond the arc for the Los Angeles Clippers.
On Saturday, Redick tweeted, "Trust the process", a nod to former executive Sam Hinkie's mantra about the Sixers slow but deliberate rebuild.
More to come as details become available.
Redick was drafted in 2006 at No. 11 overall out of Duke by the Orlando Magic.
The 6-foot-4 Redick is a career.415 percent shooter from 3-point range.
Redick was linked most heavily to either Philadelphia or Brooklyn, where he has a home, although Houston and Minnesota reportedly entered the fray after adding superstars via trade, Paul for the Rockets and Jimmy Butler for Timberwolves.
The Sixers, Timberwolves, and Nets all finished in the bottom half of the league in three-point percentage last season and adding Redick to the mix would nearly certainly improve any of those squads' offense from beyond the arc. That's a potential playoff team right there.