The Saints gave up a second-round pick in 2005 and third-string quarterback J.T. O'Sullivan for McKenzie and a future draft choice.
McKenzie, a former all-pro, had been in a contract dispute with the Packers and missed all of training camp before ending his holdout in mid-September. When he returned, he played in only one game and sustained a hamstring injury.
McKenzie was a third-round draft pick by the Packers in 1999 out of Memphis.
The 6-foot, 194-pounder started 67 of 69 career games at left cornerback and recorded 291 tackles (246 solo), 15 interceptions, one sack and one fumble recovery. He made six pass interceptions as a rookie.