Terms of the deal were not disclosed for Pryor, who reportedly visited with the Seattle Seahawks before being hosted by the Jets on Tuesday.
Jets safety Jamal Adams was quick to welcome the quarterback-turned-receiver to the team.
"Welcome to the squad @TerrellePryor! #JetUp," Adams posted on Twitter.
Pryor had a disappointing season with the Washington Redskins in 2017, catching only 20 passes for 240 yards and one touchdown after he signed a one-year, $8 million contract. That was a major drop-off in production after he erupted for 77 receptions for 1,007 yards and four scores the previous season with the Cleveland Browns.
The 28-year-old Pryor will join a Jets wide receivers corps that includes Robby Anderson, Jermaine Kearse and Quincy Enunwa. The Jets reportedly may part ways with Anderson and Kearse, as the former has a pair of arrests since May while the latter is due to make a non-guaranteed $5 million in 2018.
Pryor briefly spent time with the Seahawks, who acquired him in 2014 for a seventh-round draft pick. A quarterback at the time, Pryor was among Seattle's final cuts that year because, according to coach Pete Carroll, he did not want to move to wide receiver.