The team did not disclose financial terms of the deal, but NFL Network insider Ian Rapoport reported the contract is worth $17 million. Including an $8 million signing bonus, $12.6 million of the contract is guaranteed.
Walker, 33, is entering his 13th NFL season and sixth year with the Titans. He has at least 60 receptions in each of his five seasons with Tennessee.
"Year 13 -- it knocks on the door. It is right here. I am always excited, and we have some good things going on with the Titans. I am ready to hit the ground running," said Walker, per the team's official website. "I am just thankful to be in [the game] as long as I have been and being able to play with the Titans. I am blessed."
In 2017, Walker earned Pro Bowl honors for the third consecutive season after hauling in a team-high 74 receptions for 807 yards and three touchdowns.
Walker capped his season by being named MVP of the Pro Bowl, catching two touchdown passes, including the game-winning score in the fourth quarter.
A sixth-round draft choice of the San Francisco 49ers in 2006, Walker had his lone 1,000-yard season with Tennessee in 2015, when he caught a career-best 94 passes for 1,088 yards and six scores.
Walker has caught 479 passes for 5,621 yards and 34 touchdowns in his career. He played his first seven seasons with the 49ers before signing with the Titans prior to the 2013 season.