Floyd, who was arrested on Dec. 12 for DUI in Scottsdale, Ariz., served 24 days in jail and is currently serving 96 days on house arrest.
"I am very excited to come home and play for the Minnesota Vikings," Floyd said in a team statement. "I have been training extremely hard this offseason in addition to taking responsibility and paying the consequences for my mistake. Although I cannot change my past decisions, I have definitely learned from this experience and look forward to making valuable contributions to the Vikings organization and the Minnesota community, both as a player and a person. Time to go to work."
His new deal with the Vikings is only for a year, but it gives Floyd a chance to return home. The St. Paul, Minn. Native will also play with former Notre Dame teammates Kyle Rudolph and Harrison Smith.
Vikings general manager Rick Spielman said the organization has confidence that Floyd has moved on from his past transgressions.
"Coach Zimmer and I are confident Michael Floyd has learned and grown from his past decisions. He has accepted full responsibility and is taking encouraging steps to improve. We have offered Michael the full support and assistance of the Minnesota Vikings organization and our player development programs. We are aware that Michael is subject to discipline from the NFL and will work with both him and the NFL in a professional manner. We are excited to have Michael and believe he can be a productive member of our football team and community," Spielman said.
Floyd was drafted as the No. 13 overall pick in the 2012 NFL Draft by the Arizona Cardinals. After being cut in December by the Cardinals, he joined the New England Patriots. While Floyd did receive a championship ring, he was not active for the AFC Championship or the Super Bowl.
He has yet to be disciplined by the NFL, but will likely miss a few games in 2017.
NFL.com reported that Floyd's new deal is worth up to $6 million with incentives, but carries a $1.5 million base salary.