The deal is valued at $20.25M, pending a physical for finalization, according to Archer.
McCoy, 32, spent a season with Carolina Panthers after eight with Tampa Bay Buccaneers.
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After being released by Panthers in January, the former All-Pro expressed a desire to join a playoff contender after never reaching the post-season in nine seasons.
McCoy was selected third overall in the 2010 NFL Draft.
Archer detailed the financial terms of the agreement between McCoy and Cowboys.
Per ESPN.com:
$3 million 2020 base: $2.5 million (fully guaranteed) 2021 base: $5 million ($1.5 million fully guaranteed) 2022 base: $5.25 million Active roster bonus: Max of $750,000 each season He can also earn up to $750,000 each season in incentives. An additional $2 million of his 2021 base salary is guaranteed for injury and becomes fully guaranteed on the fifth day of the 2021 league year.
This post has been updated.