Details of the agreement were not released by the team, which announced the signing Thursday afternoon on their Twitter account.
Cotchery had spent the first seven seasons of his NFL career with the Jets and had a number of productive years, including a 1,130-yard performance in 2007.
However, he has struggled with injuries lately. Cotchery was hampered by a herniated disc in 2010, when he totaled 41 catches for 433 yards and two touchdowns in 14 games.
He also had offseason back surgery and started training camp on the physically unable to perform (PUP) list. The Jets released him last Thursday, a few days after signing Plaxico Burress.
In 103 regular-season games with the Jets, Cotchery caught 358 passes for 4,514 yards and 18 TDs. He also played in nine postseason contests, totaling 30 receptions for 440 yards and two scores.