Streit’s deal can’t become official until Philadelphia clears some cap room according to the source.
The New York Islanders traded Streit to the Flyers last week for minor-league forward Shane Harper and a fourth-round pick in 2014.
The 35-year-old Streit played the last four seasons for the Islanders, and served as the team’s captain the last two.
The former All-Star had 6 goals and 21 assists last season for the Islanders.
Streit just finished a five-year, $20.5 million contract.
The Switzerland native has 288 points in his seven-season NHL career.
Copyright 2013 ABC News Radio
Eliott C. McLaughlin, CNN Newswire
Jill Martin, CNN