The Scotland international, who became a free agent at the end of last month, has agreed personal terms and successfully passed a medical.
Boyd scored 101 goals in just 118 Scottish Premier League starts for Rangers after switching to Ibrox from Kilmarnock in January 2006.
The 26-year-old was top scorer for Rangers in every one of his five seasons with the club, winning back-to-back SPL titles in 2009 and 2010, together with two Scottish Cup and two Scottish League Cup winners' medals.
Boyd has also been the SPL's top scorer for four of the last five seasons, with Celtic's Scott McDonald his new Riverside strike partner the only man to outscore him when topping the goals chart with 25 in 2007-08.
Source: Northern Echo
Source: Northern Echo