Hyde will join a Chiefs backfield that consists of Damien Williams and Darrel Williams.
The San Francisco 49ers originally drafted Hyde in the second round of the 2014 NFL Draft. He spent four seasons with the 49ers until he left the franchise in free agency.
Hyde joined the Cleveland Browns on a three-year contract before the 2018 season. The Browns traded the tailback midway through last season to the Jaguars. Jacksonville cut him Friday in order to create cap space ahead of the NFL's new league year, which starts Wednesday.
Hyde had 172 carries for 571 yards and five touchdowns in 14 games between the Browns and Jaguars last year. In his five-season NFL career, he has 827 rushes for 3,300 yards and 26 touchdowns.