Cobb's deal also reportedly includes $18.75 million in guaranteed money.
The 29-year-old will enter his 10th NFL season following a single-season stint with the Dallas Cowboys. He amassed 55 receptions for 828 yards and three touchdowns in 2019.
Cobb was voted to the Pro Bowl once (2014) during the nine seasons he spent with the Green Bay Packers from 2011 to 2018. The former second-round selection established career highs in catches (91), yards (1,287), and touchdowns (12) that year.
Once one of the premier slot receivers in football, Cobb will join Kenny Stills and Will Fuller in the Texans' receiving corps. He won't line up alongside star DeAndre Hopkins, though, as Houston reportedly traded the All-Pro pass-catcher to the Arizona Cardinals on Monday.