NFL Network's Adam Schefter reports the two-year deal is worth $6.6 million and can grow to $7.3 million with incentives.
The 28-year-old Florence will provide the secondary with some depth as he becomes the fifth cornerback on the team's roster.
Buffalo will head into the 2009 season with Terrence McGee and 2008 first-round pick (11th overall) Leodis McKelvin as the starters, with Florence in the mix to occupy the nickel role.
The move likely means Buffalo will not attempt to re-sign its own free agent cornerback, Jabari Greer.
Florence was cut by Jacksonville last month after signing a lucrative six-year, $36 million deal -- with about $12 million guaranteed -- with the Jaguars in 2008. He was scheduled to make a base salary of $1.9 million with a $2.5 million roster bonus this year. He spent most of this past season playing in nickel and dime situations.
Prior to going to Jacksonville, Florence was a three-year starter for San Diego, the team that drafted him in the second round in 2003. He made more than 120 tackles and had five interceptions combined in 2006 and 2007 for the Chargers. He also picked-off two more passes in the 2007 playoffs.
Copyright 2009 by The Associated Press