The 31-year-old has been released by Manchester City, and several clubs are thought to be interested in securing the services of the English defender this summer.
According to ESPN's Taylor Twellman, who has a history of revealing MLS deals, the Portland Timbers have offered Lescott a contract that would make him the highest paid defensive designated player in the league.
The reported deal doesn't offer the former-Everton man anything near what he earned at City last season, an amount believed to be just under £5 million.
But the £1.2 million per-year deal offered by Portland will be more than many Premier League clubs will be willing to offer an aging defender who turns 32 in August.
Lescott made just 10 appearances in the Premier League last season but could still play at the highest level, though there is a lack of interest from English clubs due to his high wage demands.
QPR were linked with a move, but chairman Tony Fernandes distanced the club from a move earlier this week.
More and more big names are making the move to play in America and Lescott could be the next English star to make the switch across the Atlantic if reports are to be believed.