Schaub, 35, is a former third-round pick of the Falcons back in 2004. He spent three years in Atlanta before he was traded to the Texans for the 2007 season.
After seven years in Houston, the Texans traded him to the Raiders for a sixth-round pick. From there, Schaub played one season with the Ravens before returning the Falcons last year.
In 2016, Schaub appeared in five games and completed one of three passing attempts for 16 yards.