Hayden spent his first six seasons with the Colts, returning an interception for a touchdown in Indianapolis' Super Bowl XLI win over the Bears. He has logged 298 tackles, nine interceptions and 37 passes defensed during his career. The former second-round draft pick totaled 61 tackles and two picks in 11 games last year.
Sanders is also a six-year veteran, having been with the Patriots since they selected him in the fourth round of the 2005 draft. He made 58 tackles to go with three interceptions last season, upping his career totals to 300 tackles and eight picks.
The Falcons also waived quarterback Adam Froman and offensive lineman Matt Murphy.