Financial terms weren't disclosed in the deal with Feely, who connected on 30 of 36 field-goal attempts for the New York Jets last season. He has made 231 of 283 field-goal attempts (81.6 percent) since entering the NFL in 2001 with the Atlanta Falcons.
"I think he had a very good year last year in tough conditions," Cardinals coach Ken Whisenhunt said of Feely, according to the Arizona Republic. "Late in the season, the ones he missed were in brutal conditions. To kick in that stadium (Giants Stadium), in that conference and be as accurate as he was certainly was attractive to us."
Feely's arrival means Rackers' seven-year Cardinals tenure has ended, even after the team reportedly made an offer to him this week. The Republic, citing a source, said the offer was for less money than a proposal made in February.
Rackers' agent, Robert Roche, told the newspaper that he didn't have an opportunity to respond to the Cardinals' latest offer because they already were deep in negotiations with Feely, who had his own contract drama.
The New York Daily News reported that before signing Nick Folk on Feb. 23, the Jets made an offer to Feely, but his agent, Glenn Schwartzman, said it "wasn't anything that made sense." The sides maintained occasional dialogue, but it's believed the Jets never budged on their offer.
The Associated Press contributed to this report.