Markakis amassed a .288 batting average with 2,388 career hits in 15 major-league seasons with the Orioles and Braves.
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The Padres and veteran reliever Mark Melancon have reportedly agreed to a deal, pending a physical.
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In re-signing Marcell Ozuna, the Braves have filled the slugger-sized hole in their lineup.
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Ozuna, who led the National League in home runs and RBIs in 2020, will also have a $15 million option for a fifth year.
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With Trevor Bauer off the board, Marcell Ozuna becomes one of the league's most sought-after free agents still available.
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