Green-Ellis started all 16 games for the Bengals last season, rushing for 756 yards and seven touchdowns. In two seasons with Cincinnati, he rushed for 1,850 yards and 13 scores, starting all 31 regular-season games he appeared in.
Over six NFL seasons, Green-Ellis has 3,914 yards and 42 touchdowns rushing. He spent his first four seasons in the league with the New England Patriots.
The Bengals also waived linebacker Brandon Joiner, defensive tackle LaKendrick Ross and quarterback Tyler Wilson on Friday.