Hoyer is already earning $2 million from the Indianapolis Colts, who released him Saturday. With offset language, he will make $2 million in total guarantees this season between the two franchises, according to ESPN.
Hoyer will return for his third stint with the Patriots, joining former Auburn gunslinger Jarrett Stidham and veteran signal-caller Cody Kessler as the three quarterbacks on the team's roster. Stidham beat out Hoyer for the No. 2 job behind Brady last preseason, which led to Hoyer's release.
Following his release, the Colts, who were scrambling to sign help at the position after the sudden retirement of franchise quarterback Andrew Luck, quickly signed Hoyer to a three-year contract. He served as the backup to starter Jacoby Brissett last season.
Hoyer, 34, appeared in four games last season and made one start when Brissett sat out with a knee injury. He completed 53.8 percent of his passes for 372 yards, four touchdowns and four interceptions.
The Patriots originally signed Hoyer as an undrafted free agent in 2009. He spent his first three NFL seasons in New England before short stints with the Pittsburgh Steelers, Arizona Cardinals, Cleveland Browns, Houston Texans, Chicago Bears and San Francisco 49ers.
In 69 career games, Hoyer has completed 59.1 percent of his throws for 10,274 yards, 52 touchdowns and 34 picks.