The Saints also re-signed DL Malcolm Roach to their practice squad.
Montgomery, 28, is a former third-round pick of the Packers back in 2015. Green Bay traded him to the Ravens in exchange for a 2020 seventh-round pick back in 2018.
Montgomery finished the final year of his four-year, $2.949 million contract and before signing a one-year contract with the Jets. He joined the Saints on a one-year deal last year and returned to New Orleans this past offseason on another one-year contract.
In 2021, Montgomery has appeared in 10 games and rushed for 48 yards on 14 carries (3.4 YPC) to go along with 15 receptions for 94 yards receiving and no touchdowns.