The St. Louis and catcher are expected to reach agreement on a new contract.
Per MLB Network's Jon Morosi, Molina is expected to re-sign with Cardinals "after the Caribbean Series, if not before then."
Morosi noted that Puerto Rican newspaper El Nuevo Dia was the first to report the Cardinals offered Molina a one-year contract that "he's likely to sign soon."
Molina is a franchise legend who helped lead the Cards to World Series titles in 2006 and 2011. His career resume, which will likely land him in the Hall of Fame, also includes nine All-Star Game appearances, nine Gold Glove Awards, a Silver Slugger Award and a Roberto Clemente Award.