The move came one day after Bennett was waived by the Green Bay Packers, ESPN reported, citing a league source.
Bennett, who was released by Green Bay with the designation that he failed to disclose a physical condition, rejoins the team with which he won a Super Bowl ring last season.
The 30-year-old veteran had just 24 receptions in seven games with the Packers but had not played since Oct. 22 -- the week before Green Bay's bye week. He was inactive for Monday night's loss to Detroit after being listed with a shoulder injury last week.
During the bye week, Bennett posted on Instagram that he was "pretty sure" he would retire at the end of the 2017 season.
Signed to a three-year, $21 million contract in the offseason, Bennett failed to find the end zone with Green Bay, but he appeared in all 16 games with New England last season, hauling in 55 catches and scoring a career-high seven touchdowns.
The addition of Bennett gives Patriots quarterback Tom Brady another huge red zone target to pair with star tight end Rob Gronkowski. New England signed Dwayne Allen as a replacement for Bennett but he has yet to register a catch this season.