Cole will sign a one-year, $5.5 million contract, the source said.
Cole's arrival raises questions about Crowder's future with the team, as both play the same position -- slot receiver. Crowder has an $11.4 million cap charge, which includes a non-guaranteed $10 million base salary. If he's released, the savings will be $10.4 million.
Cole also has experience on the outside, which bodes well for Crowder. The Jets are one of the league leaders in cap room, so it's possible they could keep both. Depth was a major issue last season. The Jets finished 32nd in total offense in 2020, in part, because of injuries and personnel deficiencies at wideout.
Feeney, 26, projects as a top backup at left guard. He started 16 games at center in 2020, but he was the Chargers' left guard for his first three seasons, starting 41 games over that span.
Cole had 159 catches for 2,242 yards and 12 touchdowns over the past four seasons with the Jaguars -- the most yardage and second-most receptions and TD catches of any player on the team during that span.
Cole, 27, not only made the team as an undrafted rookie out of Kentucky Wesleyan in 2017, but he led the Jaguars in receiving yards (748) and was second with 42 receptions. He got off to a hot start in 2018 with 17 catches for 225 yards in the first four games -- including seven receptions for 116 yards and a touchdown against the New England Patriots in Week 2 -- before suffering a stretch in which he dropped five passes and lost two fumbles and was benched.
He had just nine catches in the final eight weeks of the 2018 season.
Cole caught just 24 passes in 2019, but the team extended him a second-round tender as a restricted free agent that paid him $3.2 million in 2020. Cole bounced back and finished second on the team in receptions (55) and receiving yards (642) last season.
On Thursday night, the Jets agreed to a one-year, $4.5 million contract with former Las Vegas Raiders defensive back Lamarcus Joyner, a source told ESPN's Jeremy Fowler. Joyner, 30, was released March 9, two years into a four-year, $42 million contract.
Joyner lost his starting job last season and was used mainly as a slot corner. The Jets plan to move him back to safety, his old position. They have depth issues at safety. They have no experienced players beyond Marcus Maye, who has the franchise tag, and Ashtyn Davis. But they didn't sign Joyner to be a backup; he will have a significant role at safety and in nickel packages. In seven seasons, he has 58 starts and seven interceptions.
ESPN's Michael DiRocco contributed to this report.