Another prospective free agent appears to have the framework of a deal in place before the new league year starts on Tuesday.
Earlier, Ian Rapoport of NFL Media had reported Peters was indicating that a deal had been reached, and Vaughn McClure of ESPN.com had also reported that a pact between Arizona and Peters was expected.
Peters, 26, started 55 games in five seasons for Atlanta, notching 146 tackles and 11 sacks. He was a third-round selection of the Falcons in 2010.
Peters (6-3, 305) could be a fit at defensive tackle for Arizona, which employs a 3-4 base defense.