The signing continued an offseason trend by the Warriors, who have not made the playoffs since 1993-94. They continue to stockpile players with postseason experience.
Terms of the deal were not disclosed.
"We feel fortunate to add another player who was a starter for a playoff team last season," said General Manager Garry St. Jean. "Calbert adds more depth to our squad, and is another player who can play two positions, shooting guard and small forward."
Previously, they signed point guard Speedy Claxton, a backup with NBA champion San Antonio last season, and acquired playoff veterans Nick Van Exel and Clifford Robinson in trades.
Cheaney, 32, has a 10-year career out of Indiana, averaging 10.6 points and 3.3 rebounds in 649 games with Washington, Boston, Denver, and Utah.
With Utah last season, he averaged 8.6 points and 3.5 rebounds per contest.