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.
In 2020, Montgomery appeared in six games for the Saints and rushed for 101 yards on 19 carries (5.3 YPA) to go along with three receptions for 27 yards receiving and no touchdowns. He also added 57 kick return yards.