The Patriots also released LB Scooby Wright III from their practice squad, according to Mike Reiss.
Meredith, 26, wound up signing on with the Bears as an undrafted free agent out of Illinois State back in May of 2015. He played out the final year of his three-year, $1.581 million contract before agreeing to a two-year, $10 million deal with the Saints during the offseason.
Earlier this offseason, he agreed to a pay cut that reduced his base salary from $3.4 million to $1.3 million and his cap hit to $4.15 million, saving the Saints $2.1 million.
The Saints released Meredith back in August and he later signed on with the Patriots before being placed on the PUP list to open the regular season.
In 2018, Meredith appeared in six games and caught nine passes for 114 yards receiving and one touchdown.