Later ESPN.com reported, citing unidentified league sources, the Patriots also reached an agreement with free agent wide receiver Brandon Lloyd.
The 27-year-old Gonzalez was a first-round draft pick in 2007 out of Ohio State. In five seasons with the Colts, he had 99 receptions for 1,307 yards and seven touchdowns, but has been plagued by injuries throughout his career. He has been active for only 11 games since the 2008 season.
Gonzalez missed all but the first game of 2009 and all but two games in 2010 with knee injuries. He did not make a reception in eight games last year.
The 30-year-old Lloyd was traded by Denver to St. Louis during last season. He Lloyd caught 51 passes for 683 yards and five touchdowns for the Rams.
In 2010, Lloyd led the league with 1,448 yards receiving, when he caught 77 passes and scored 11 touchdowns while playing for then-Denver coach Josh McDaniels.
McDaniel has returned to New England as offensive coordinator.