Bailey was clearly the best available kicker on the market and recent reports mentioned that while he had offers from four teams, he was waiting for an opportunity to surface with the right team.
The Vikings are waiving rookie K Daniel Carlson to make room for Bailey.
Bailey, 30, wound up signing on with the Cowboys as an undrafted free agent out of Oklahoma State back in 2011. He was entering the fifth year of his seven-year, $22.5 million contract and was set to make a base salary of $3.4 million for the 2018 season when the Cowboys elected to cut him loose coming out of the preseason.
In 2017, Bailey appeared in 12 games for Dallas and recorded 15 field goals in 20 attempts (75 percent), 26 extra points through 28 attempts (92.9 percent) and 32 touchbacks.