Cutler, 34, played the last eight seasons with the Bears and was released by the team last March. After his release, Cutler decided to retire and was hired by Fox Sports to be a commentator.
On Sunday, Schefter reported that Cutler will come out of his brief retirement and is finalizing a one-year, $10 million deal to play for the Dolphins.
The Dolphins have been looking for a quarterback after Ryan Tannehill's knee injury which could sideline him for the entire season. The head coach of the Dolphins is Adam Gase, who was Cutler's offensive coordinator for one season in Chicago.