The Saints hosted Watson for a visit on Tuesday and it looks like a deal came together pretty quickly.
Watson, 37, is a former first-round pick of the Patriots back in 2004. He spent six years in New England before joining the Browns in 2010.
Watson signed on with the Saints for the 2013 season and spent three years in New Orleans before joining the Ravens on a two-year, $7 million contract for the 2016 season.
In 2017, Watson appeared in all 16 games for the Ravens and caught 61 passes for 522 yards receiving and four touchdowns.