To make room for Davis, the Falcons waived wide receiver Freddie Martino.
Davis was a key contributor last season when Julio Jones went down with a season-ending foot fracture and Roddy White missed some action because of injury. Davis had 12 catches for 216 yards and two touchdowns in 2013.
Because the Falcons lost a key special-teamer in Antone Smith to a season-ending broken leg, Davis is expected to step into Smith's spot as a primary gunner. Davis has excelled on special teams in the past.
Davis has had plenty of practice time leading up to Sunday's game against Cleveland and should be ready to contribute.
This is the second roster move for the Falcons in as many days. On Thursday, the team added veteran linebacker James Anderson to fill the roster spot left when Smith was placed on injured reserve. Anderson is not expected to be active Sunday.
The Falcons also await the official return of strong safety William Moore off short-term injured reserve. Moore returned to practice this week and is eligible to play against Arizona next week.