The deal includes $4.5 million in guaranteed money.
McCluster, 25, joined the Kansas City Chiefs as a second-round draft pick in 2010. He emerged as one of the NFL's top punt return threats last season, when he scored two touchdowns and was selected to the Pro Bowl.
Used mainly as a slot receiver on offense, McCluster has 172 catches in his four seasons with the Chiefs but made few plays of any significant impact. He scored just six touchdowns on offense, five as a receiver and one as a running back.
The Chiefs this offseason signed CFL veteran Weston Dressler and he could be in line to replace McCluster as both a slot receiver and punt returner.
ESPN.com Chiefs reporter Adam Teicher contributed to this report.