Arizona designated pitcher Juan Jaime for assignment.
The 34-year-old Overbay was released Tuesday by Pittsburgh after hitting .227 with eight homers and 37 RBIs in 103 games.
Overbay was drafted by Arizona in 1999 and played with the Diamondbacks from 2001 to 2003. He later played for Milwaukee and Toronto before being signed by Pittsburgh as a free agent last December.
The 24-year-old Jaime hasn't played since 2009 after undergoing Tommy John surgery on his right elbow in April 2010. He was claimed off waivers from Washington in November 2010.