Dye was placed on injured reserve Thursday in a corresponding move.
Davis was released by the Denver Broncos earlier this month after five seaons with the team. He missed most of training camp with a calf injury.
Davis, 28, started at least 14 games for the Broncos in each of the past four seasons. He played in 82 games for Denver since the team claimed him off of waivers in November 2014.
He had become a productive player for the Broncos as he played in all 16 games on a 2015 team that went on to win Super Bowl 50. He then had at least 97 tackles in three of the past four seasons, and he topped 100 tackles in both 2018 (114) and 2019 (134).
ESPN’s Courtney Cronin and Jeff Legwold contributed to this report.
Source: ESPN NFL