McGuire will provide some additional depth for Kansas City at running back after losing first-round RB Clyde Edwards-Helaire to a hip injury.
McGuire, 26, is a former sixth-round pick of the Jets back in 2017. He was in the third year of his four-year, $2.66 million contract when the Jets waived him coming out of the preseason.
The Browns signed McGuire to their practice squad and promoted him last year before being waiving him and re-signing him to their taxi squad. Cleveland cut him loose during the season and he eventually caught on with the Chiefs to finish out the season. He had a short stint on the Cowboys practice squad earlier in 2020.
In 2018, McGuire appeared in eight games for the Jets and rushed for 276 yards on 92 carries (3 YPC) to go along with 19 receptions for 193 yards receiving and four total touchdowns.