Selected by the Jets in the third round of the 2000 NFL draft, the 32-year-old Coles spent his first three years in New York before joining the Washington Redskins for two seasons.
He returned to the Jets in 2005, playing there four more seasons before signing with the Cincinnati Bengals last year.
In seven seasons with the Jets, Coles had 459 catches for 5,941 and 37 touchdowns. He made the Pro Bowl in 2003 with the Redskins.
Financial terms of the deal were not released.
(Writing by Steve Keating in Toronto; editing by Steve Ginsburg)