The trade was announced by Mickey Loomis, the executive vice-president/general manager of the Saints.
With running back Deuce McAllister out for the remainder of the season because of a torn anterior cruciate ligament in his right knee, the Saints hope to provide some depth at the running back position by trading for Chatman.
Antowain Smith and Aaron Stecker, along with Chatman, will replace McAllister.
The fourth-year veteran was waived by the San Diego Chargers on July 26 and was claimed by the Dolphins and signed on September 3.
Chatman has been inactive for the first five games this season.
During the 2004 campaign, Chatman played in 15 games with the Chargers and rushed for 392 yards on 65 carries with three touchdowns in backing up star running back LaDainian Tomlinson.
For his career, Chatman has rushed for 428 yards and three touchdowns and has caught 10 passes for 115 yards.
Notable deaths of 2014 [PHOTOS]
Julius Randle breaks leg during NBA debut