Bell's contract includes a $1.3 million full guarantee plus a $200,000 signing bonus and a $100,000 workout bonus.
The Jets have revamped the safety position this offseason. Starter Eric Smith remains, but the Jets also signed LaRon Landry a few weeks ago, and drafted Josh Bush in the sixth round and Antonio Allen in the seventh.
The 34-year-old Bell spent all nine of his previous NFL seasons with the Dolphins, but was cut in March to create cap space. He was a consistent performer for Miami, starting in every game but one the last four seasons. Bell had a team-leading 107 tackles, two sacks and an interception last season.
While he likely comes in to back up Landry at strong safety, Bell also provides insurance at the position in case the former Washington Redskins star isn't fully healed from an Achilles injury that limited him last season. The Jets have said they believe Landry will be ready to go for training camp, however, although he has not participated in all of the voluntary offseason workouts.
Follow Ian Rapoport on Twitter @RapSheet.
The Associated Press contributed to this report.