Per NFL Network's Tom Pelissero, the deal is worth up to $6.5 million.
Eifert has struggled mightily with injuries over the course of his six-year career and has played more than eight games in just two seasons. The tight end missed the final 12 games of 2018 with a broken ankle. Eifert is expected to be healthy for OTAs.
Since his 2015 Pro Bowl season, in which he racked up 13 touchdowns, Eifert has played in just 14 games, caught 48 balls and compiled 619 receiving yards.
This is a low-risk move for both sides. Eifert signed a similar deal with Cincinnati after he entered free agency last year, agreeing to return to the Bengals for one season at around $5 million. The snakebit tight end's salary figures should be lower this time around.