The Saints acquired Craft from Jacksonville Thursday for a fifth-round pick in this year's NFL draft.
The 5-10, 180-pound Craft had been with Jacksonville since the Jaguars drafted him in 1999. He played every game until last season when he sprained his left knee in an Oct. 12 game against Miami.
"Jason was a guy that we targeted when he was a restricted free agent in 2002," said Saints General Manager Mickey Loomis. "The Jaguars matched the offer and Jason became a productive starter for them after that."
Craft, a star at Colorado State in college, has appeared in 71 NFL games, including 33 starts. His career totals include 192 tackles and seven interceptions.
After giving up the fifth-round draft pick, the Saints have a one in the first round, two in the second and one each in the third, sixth and seventh.