Jim Bowden is now reporting on Twitter that it's a 3 year deal at $26 million, with a fourth year club option. The option comes with a $1 million buyout.
Last year with the Red Sox, Ross hit .267/.326/.481 with 22 home runs. He's another high strikeout guy, though, with 129 K's last year. He should provide some value against left-handed pitchers, with a full 200 points higher OPS against southpaws. Whether that justifies $8 million a year is difficult to say.
What this means for the D-backs remains to be seen, if it is true, simply because it exasperates an already full outfield. Perhaps Kevin Towers already has a deal in place to move Jason Kubel or Justin Upton, but even if he doesn't then this Ross signing certainly increases the likelihood that someone goes.
Cody Ross grew up in New Mexico and has a home in Scottsdale, so it's a homecoming of sorts for him. I can't speak for other fans, but it'll be hard rooting for Old Beady Eyes, at least at first.