Financial terms were not disclosed.
Rice was cut by the Seahawks in February, saving the team $7.3 million under the salary cap.
Rice said on Twitter Monday that he had been cleared medically five months and one week after having surgery to repair the anterior cruciate ligament in his knee. He injured the knee in Week 8 last season.
After making the Pro Bowl in 2009 with the Minnesota Vikings, Rice has been set back by injuries, playing in 16 games only once since then, when he caught 50 passes for 748 yards and seven touchdowns for the Seahawks in 2012.