Rice returns to Seattle after spending the last three seasons with the Seahawks. Rice was released by Seattle in February in a salary-driven move. He was scheduled to make $8.5 million this season under his previous contract.
The team confirmed the agreement Wednesday. Terms of his new deal were not disclosed.
Rice is coming back from a torn anterior cruciate ligament suffered in October against the St. Louis Rams. He received medical clearance to participate in football-related activities on Monday.
He appeared in eight games for Seattle last season with 15 catches for 231 yards and three touchdowns before being placed on injured reserve.