The deal is for one year and could be worth as much as $1.7 million, a source told ESPN.com's John Clayton.
The 33-year-old Holt played for the Jacksonville Jaguars last season, totaling 51 receptions for 722 yards and zero touchdowns. Holt, who spent the first 11 years of his career with the St. Louis Rams, is entering his 13th NFL season.
Holt adds a veteran presence at receiver, where the Patriots have Randy Moss atop the depth chart, with second-year players Julian Edelman and Brandon Tate projected to have expanded roles as Wes Welker recovers from torn ligaments in his left knee.
Patriots quarterback Tom Brady likes being around veteran receivers at this point of his career, and Holt joins David Patten as more experienced options at the position.
Holt is now on the other side of an interesting matchup. He had five receptions for 49 yards and no TDs in the Patriots' stunning 20-17 Super Bowl upset of the Rams in 2001.
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