Tampa Bay announced the move on Thursday afternoon. Folk, 33, made 6-of-11 kick attempts last season in four games for the Buccaneers. The 11-year veteran also missed two extra point attempts.
Folk was a sixth round pick in the 2007 NFL Draft by the Dallas Cowboys.
He was a Pro Bowl selection during his rookie campaign after making 26-of-31 attempts and completing 53-of-53 extra point attempts. Folk joined the New York Jets in 2010, before signing with the Buccaneers last offseason. He led the NFL with 39 field goal attempts in 2014.
Folk was cleared to resume kicking two weeks ago after undergoing surgery last season on his left knee. He spent the majority of the 2017 season on injured reserve.
Folk was added to the reserve/injured list on Oct. 7. He beat out Roberto Aguayo for the Buccaneers' kicking gig before he was replaced by kicker Patrick Murray.