The person spoke on the condition of anonymity on Friday because the team has not announced the deal. ESPN.com first reported the agreement earlier in the day.
Ribeiro was one of the top players available once the league's free-agency period opened on Friday.
He's a 14-year NHL veteran, who spent last season with the Washington Capitals.
Ribeiro has topped 50 points in a season eight times, and finished with 49 points (13 goals, 36 assists) in 48 games last year.
The Coyotes did announce they've signed free agent goalie Thomas Greiss to a one-year contract. Greiss spent parts of the past four seasons with San Jose.
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