In 16 games last season, Jennings caught 59 passes for 742 yards and six touchdowns.
Jennings was the Packers' second round pick in the 2006 NFL draft. He won a Super Bowl with the team in 2010.
The 31-year-old spent seven seasons with the Green Bay before reportedly turning down an offer to re-sign with the team in favor of a more lucrative deal with the Vikings in 2013. He told SI Now earlier this month that he would "definitely" reconcile with the Packers.
The Dolphins have revamped their receiving corps this offseason. Brian Hartline and Brandon Gibson were released and Mike Wallace was traded to the Vikings. Miami also acquired Kenny Stills in a trade with the New Orleans Saints.