Champ Bailey has signed a two-year deal with the New Orleans Saints.

Bailey's deal will have a maximum value of $7 million, according to a league source.

"We are excited to be able to add a future Hall of Fame player with the addition of Champ Bailey," Saints general manager Mickey Loomis said in a statement released by the team. "His career accomplishments mirror that of his high character and he's a very prideful and competitive player who we believe will add to our defense. Having spent time with him recently and in our discussions with him, I know that he's thrilled to be joining the New Orleans Saints and starting a new chapter in his professional life."

Bailey will compete for a starting job in New Orleans opposite Keenan Lewis, the team's No. 1 cornerback.