Blackmon, who was signed as a free agent in late October, hurt his knee against the Philadelphia Eagles on Dec. 19 and missed Sunday's game in Green Bay. He averaged 6.7 yards on 14 returns in five games.
The Packers had released the fifth-year pro during training camp after reaching an injury settlement with him. He returned two punts for touchdowns in 2008.
The Associated Press contributed to this report.