Callaway was with the Saints 2020-22, but became a free agent earlier this year after the the team didn't give him a qualifying offer.
He signed with the Denver Broncos in March before he was waived in late August. The Las Vegas Raiders added him to their practice squad on Aug. 30, and he was released on Oct. 11.
During his time with the Saints, Callaway had 83 catches for 1,069 yards and seven touchdowns. His best season came in 2021 when he pulled in 46 catches for 698 yards and six TDs.
It was not immediately clear how Callaway would fit in for the Saints for Sunday's game against the Atlanta Falcons, but he would likely start the week on the practice squad.