The Saints and former Vikings star Adrian Peterson have agreed to a two-year deal worth $7 million.
The NFL Network was first to report Tuesday morning that the two sides had reached an agreement.
The network's NFL Insider, Ian Rappoport reported that $3.5 million is guaranteed for 2017. The seven-time Pro Bowler will earn less than starter Mark Ingram.
The Saints visit Minnesota in Week 1 for a Monday Night Football showdown with Peterson's former Vikings teammates.
In a statement to ESPN's Josina Anderson, the 32-year-old running back said he fully evaluated the Saints' chances to compete this season and came out convinced he could contribute to a winner.
"I'm really looking forward to this opportunity. Most importantly, I chose this team because it just felt right within my spirit. Additionally, my wife and family added their confirmation with the same feelings. On offense, it goes without saying that the Saints are really solid behind Drew Brees. I feel like my skill set can make them even more dominant as a unit," Peterson said.