Diamondbacks general manager Kevin Towers announced the deal Friday but didn't disclose any financial details.
The 34-year-old Overbay hit .286 with one home run, four doubles and 10 RBI in 18 games after signing with Arizona as a free agent on Aug. 13. He was released by Pittsburgh earlier last season.
Overbay was selected by the Diamondbacks in the 18th round of the 1999 draft and played for Arizona in parts of the 2001-03 seasons. He also has played for Milwaukee and Toronto over his 11-year career.