Schobert, 26, has been a starter for the Cleveland Browns the past three seasons.
NFL Network was the first to report the agreement.
The former Wisconsin walk-on was 10th in the NFL last season with 133 tackles. He also became just the fourth linebacker since the 1970 merger to post back-to-back games with two interceptions, according to the Elias Sports Bureau.
The Jaguars need stability at linebacker after losing Paul Posluszny and Telvin Smith to retirement the past two seasons. Third-round pick Quincy Williams struggled last season and Myles Jack had his worst season as a pro in 2019, missing five games after undergoing surgery to remove bone chips from his knee.
Schobert played inside and outside linebacker with the Browns, providing opportunity for the Jaguars to move Jack to weakside linebacker from the middle, which appears to be what they want to do based on coach Doug Marrone's comments at the combine.
"The one thing about Myles is obviously he's a guy that's super talented, played multiple positions for us already, and getting him comfortable is really what my main goal is and putting him in a spot where he can go and play and maybe not have to worry about a lot of other people," Marrone said at the combine.
Schobert was a Pro Bowl selection in 2017 after tying for first in the NFL with 144 tackles.
The Browns selected Schobert in the fourth round of the 2016 NFL draft. He has 8.5 sacks, 7 forced fumbles, 6 interceptions and 408 tackles in 61 games.
ESPN's Jake Trotter and Michael DiRocco contributed to this report.