NFL teams must get down to 53 players by 4 p.m. ET Tuesday.
Freeman, 29, spent part of last season with the New York Giants as an injury replacement for Saquon Barkley after being released by the Atlanta Falcons. He finished with 172 rushing yards and one touchdown in five games played.
For his career, the 5-foot-8, 206-pounder has 4,144 rushing yards, 2,073 receiving yards and 44 TDs, with two Pro Bowl selections.
No running back has gained more yards from scrimmage against New Orleans over the past decade than Freeman (691 rushing yards, 319 receiving yards, seven touchdowns).