From Chris Mortensen of ESPN.com:
Baltimore Ravens defensive coordinator Rex Ryan has agreed to a four-year contract to become coach of the New York Jets, according to multiple sources.

An announcement will come later Monday and a news conference introducing Ryan will be held Wednesday.
The Jets made a formal offer to Ryan "about an hour" after the Ravens lost 23-14 to the Pittsburgh Steelers in the AFC Championship Game, the sources said.
Ryan's four-year contract is in line with other first-year head coaches that have been recently hired, but a Jets source said it was almost identical to the $11.5 million deal that the Rams gave New York Giants defensive coordinator Steve Spagnuolo on Saturday.
"Any coach who believes in himself wants the opportunity, and it's a great franchise," Ryan told ESPN reporter Rachel Nichols on Sunday night.
Ryan was hired by the Ravens in 1999 as a defensive assistant and took on the coordinator's role in 2005. The title of assistant head coach was added before this season.
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