The Patriots announced the deal Friday. Financial details of the contract weren't disclosed.
New England placed Meredith on the active/physically unable to perform list, meaning he isn't cleared to practice but can be activated at any point. The wideout played in only six games with the Saints last season and ended the year on injured reserve after he underwent knee surgery.
The Chicago Bears signed Meredith as an undrafted free agent out of Illinois State in 2015. He became the team's No. 1 wide receiver and finished with 66 receptions for 888 yards and four touchdowns in 2016.
Following his breakout campaign, the 26-year-old receiver missed the entire 2017 season due to a torn ACL. Meredith signed with the Saints as a restricted free agent in April 2018, posting nine catches for 114 yards and one touchdown in his lone season with the franchise.
Meredith has played in 31 games (11 starts) in four NFL seasons, recording 86 receptions for 1,122 yards and five scores.