ESPN first reported Waters' decision to join the Patriots. The 11-year veteran worked out for the team Saturday.
Waters immediately provides a veteran presence at a position of need for the Patriots. Dan Connolly, who started 14 games for New England last season, suffered an ankle injury in the third preseason game and did not appear in Thursday's fourth and final preseason game.
Waters has started all but three games in the last eight seasons.
The move continues an active weekend for the Patriots, who made headlines Saturday by cutting two-time Pro Bowl safety Brandon Meriweather, the team's top selection in the 2007 draft. The team also released veteran running back Sammy Morris Saturday.
By releasing Meriweather, who signed with the Bears on Sunday, the team has no remaining players from its 2007 draft.