Yates was traded to the Falcons from Houston for linebacker Akeem Dent before the 2014 season. He could have become an unrestricted free agent Tuesday.
Yates appeared in only one game last season, completing three of four passes for 64 yards with one interception.
The 27-year-old quarterback completed 101 of 166 passes for 1,100 yards with three touchdowns and six interceptions in three years with the Texans. He is expected to enter the 2015 season as Matt Ryan's top backup.
Yates was a fifth-round pick from North Carolina in 2011.