A source told ESPN's Chris Mortensen that the deal is for seven years and worth $70 million. The amount of guaranteed money and bonuses in the contract have not been finalized.
The source also told Mortensen the teams are discussing possibly more compensation than just a second-round pick for the Raiders to acquire Hall, a two-time All-Pro.
If the deal goes through as planned, the Falcons will have three second-round draft picks and four of the first 48 selections under first-year general manager Thomas Dimitroff.
Hall said he is scheduled to fly to Oakland on Wednesday to meet with Raiders officials, according to the Atlanta Journal-Constitution.
"There is just some tweaking of the language that needs to be done, some minor details," Hall told the newspaper. "No deal breakers."
Hall, a former first-rounder taken with the eighth pick in the 2004 draft, would be paired with Nnamdi Asomugha, giving Oakland one of the top cornerback tandems in the game.
The move would also provide insurance if Asomugha were to leave as a free agent following next season. The Raiders placed the exclusive franchise tag on Asomugha, guaranteeing him at least $9.465 million in 2008. They still would like to sign him to a long-term deal.
If the deal goes through, the Raiders would have only one draft pick in the first three rounds. Oakland picks fourth in the opening round and traded its third-round pick last year to New England for a pick used to draft offensive lineman Mario Henderson.
The Raiders have been very active during the free-agency season after winning just four games last season and a league-low 19 the previous five years. Oakland has signed defensive tackles
Tommy Kelly and William Joseph, receivers Javon Walker and
Drew Carter, safety Gibril Wilson, offensive linemen Kwame Harris and Cornell Green to deals that could be worth more than $160 million.
The Raiders also re-signed running back Justin Fargas to a $12 million, three-year contract that guarantees him $6 million.
ESPN NFL reporter Chris Mortensen and The Associated Press contributed to this report.