The Ole Miss product, a first-round draft choice by the Saints in the 2001 NFL draft, is the franchise's all-time leader in touchdowns with 55 -- 49 rushing -- rushing yards (6,096,) and rushing attempts (1,429). His 234 receptions place him eighth all-time among team records.
"I don't know that there are words to describe this feeling," McAllister said on the team's Web site. "I'm speechless."
McAllister played on the Saints' 2006 team that went to the NFC championship game, but was released by the Saints last February.
His accomplishments also include two Pro Bowl selections, four 1,000-yard season and 27 100-yard rushing games, the most in team history.
"Deuce is a huge part of the history of our club and of what has gotten this team to where we are today," said General Manager Mickey Loomis.