Davis shined last season playing for the NFC South rival Panthers. Carolina coach Matt Rhule and his staff quickly fell in love with Davis, who immediately was inserted into the offense this past season when Christian McCaffrey suffered an ankle injury in the fourth quarter of a Week 2 loss to the Tampa Bay Buccaneers.
Without offensive coordinator Joe Brady having to drastically adjust the game plan, Davis went on to start 12 games for McCaffrey, who missed 13 games with injuries (ankle, shoulder, quad). Davis finished the 2020 season with a career-high 642 yards rushing and six touchdowns and a career-best 59 receptions for 373 yards and two touchdowns.
Davis, who turned 28 in February, said after the season it would be enticing to go to a team where he was the starter but reminded that didn't happen in other situations and "the grass isn't always greener.''
The Panthers claimed Davis off waivers from the Chicago Bears during the 2019 season after the running back had spent two seasons each with the San Francisco 49ers and Seattle Seahawks. The 2015 fourth-round pick has rushed for 1,531 yards and 11 touchdowns in 62 career games. He also has caught 125 passes for 803 yards and three touchdowns.
The Falcons have also agreed to a one-year contract with linebacker Barkevious Mingo worth $1.25 million that includes $1.1 million guaranteed, a source told ESPN's Michael Rothstein.
Mingo, who is entering his ninth season in the league, played last year for the Bears. He had 2.5 sacks and 35 total tackles while appearing in all 16 of the Bears' regular-season games, then added an additional three tackles in Chicago's playoff loss.
ESPN's David Newton contributed to this report.