From what I understand, he initially turned the offer down. But when he didn't get any better offers from anyone else, he was willing to take the Jays offer. However, not that they Jays have signed Morales and Pearce; they are not willing to go $80 million over four years with EE. He may very well end up having to take less than the Jays initial offer.
That's all based on rumors; I haven't seen anything official.
The Jays did lose out on Fowler, so that may increase the change of Jose or EE coming back.