Hyde can earn up to $4 million, added Rapoport.
The ex-Houston Texans veteran is coming off the first 1,000-yard campaign of his career. He also rushed for six touchdowns in 2019.
The Seahawks were reportedly eyeing former Atlanta Falcons running back Devonta Freeman, but the two parties couldn't agree to a deal.
Hyde was a second-round pick of the San Francisco 49ers in 2014. He racked up 2,729 yards and 21 touchdowns in four seasons with the 49ers before splitting the 2018 campaign between the Cleveland Browns and Jacksonville Jaguars.