SiriusXM Sports first reported the agreement is for three years and $19 million with $9.5 million guaranteed.
Hayden would be the Jaguars' replacement for nickelback Aaron Colvin, who agreed to a four-year deal with the Houston Texans on Tuesday, a source told ESPN's Adam Schefter. Hayden will now be joining his third team since being drafted 12th overall by the Oakland Raiders in 2013.
He signed a one-year deal with the Detroit Lions before the 2017 season. Hayden lost starting corner roles on the outside to Nevin Lawson and in the slot to Quandre Diggs, but he ended up sharing time with Lawson by midseason.
The 27-year-old started one game for Detroit in 2017 and finished the season with 42 tackles, a half-sack and two fumble recoveries.
In all, Hayden has played in 61 career games. In 2,600 career snaps, he has 220 tackles, 1.5 sacks, 3 forced fumbles, 3 interceptions and 24 pass breakups.
ESPN's Michael Rothstein contributed to this report.