Tannehill is set to serve as an experienced back-up to Marcus Mariota.
The Titans will reportedly also get a 2019 sixth-round pick in the trade, with the Dolphins receiving a 2019 seventh-round pick and a fourth-round selection in 2020.Tannehill's restructured deal guarantees him $7million in 2019 and could top $12m with incentives, it is said. Miami will reportedly pay $5million of that guarantee.
Tannehill, who will turn 31 in July, had been the Dolphins' starter when healthy since 2012. Miami selected him with the eighth overall pick in that year's draft.
He started 11 games last season, completing 64.2 per cent of his passes for 1,979 yards with 17 touchdowns and nine interceptions.
His departure leaves the Dolphins with only two quarterbacks under contract, Jake Rudock and Luke Falk.
"We would like to thank Ryan for his commitment to the Miami Dolphins over the last seven seasons," Dolphins general manager Chris Grier said in a release.
"Ryan is a tireless worker who always put the team first. We wish him the best with the next step of his career."
With Tannehill now on board, Titans general manager Jon Robinson said Friday the team will release Blaine Gabbert, who backed up Mariota last season.