Randolph's deal is for two years and $24 million, league sources told ESPN.
Hill's deal is for three years and $57 million, sources told The Undefeated's Marc J. Spears, confirming multiple reports. The news was first reported by The Vertical.
Hill, 31, is coming off one of his most productive seasons; he played a key role in the Utah Jazz ending a four-year playoff drought despite a variety of injuries that limited him to 49 games.
Hill, whose sprained big toe bothered him for most of the season and ultimately caused him to sit out Utah's final two playoff games, averaged a career-high 16.9 points. He also dished out 4.2 assists per game and shot 47.7 percent from the floor and 40.3 percent from 3-point range.
Utah acquired Hill from his hometown Indiana Pacers last summer by dealing the No. 12 overall pick in the 2016 draft in a three-team trade with the Atlanta Hawks, filling the Jazz's glaring need for a starting point guard. The Jazz were 33-16 when Hill played during the regular season and 18-15 when he was sidelined.
The Jazz had interest in signing Hill to an extension during the season, but he opted to wait to test the open market.
Hill has averaged 11.8 points and 3.3 assists during his nine-year career. He was ranked No. 13 on the list of top available free agents this offseason, as compiled by ESPN's Kevin Pelton.
Randolph, who will turn 36 on July 16, has established himself as a local legend over the past eight seasons in Memphis, a city that embraced him for his rugged playing style and for overcoming a rough upbringing. He played a critical role in the Grizzlies' seven straight playoff appearances and ranks first in franchise history in rebounds (5,612) and third behind Mike Conley and Marc Gasol in scoring (9,261 points).
Randolph, a two-time All-Star and a 16-year NBA veteran, accepted a transition to sixth-man role last season and excelled. He averaged 14.1 points and 8.2 rebounds in 24.5 minutes per game. His 20 double-doubles were the most by any bench player in the league.
Those statistics were down from Randolph's career averages (16.8 points, 9.3 rebounds). However, his per-36-minute scoring and rebounding numbers were the best of his Memphis tenure.
Information from ESPN's Tim MacMahon was used in this report.