Woodson will receive a $700,000 signing bonus and can make up to $4.3 million, according to ESPN.
Woodson, 36, spent the last seven seasons with the Green Bay Packers, helping that team to a Super Bowl title after the 201o season. Woodson spent the first eight seasons of his career with the Raiders have being drafted by the team with the fourth overall selection of the first round in 1998.
Woodson said he wanted to play for a contender and had visited a number of teams since being released by Green Bay. An eight-time Pro Bowler, Woodson has 55 interceptions in his career and was the league's Defensive Player of the Year in 2009.