Terms of the deal were not disclosed.
Ivy is the front-runner to replace Dwight Smith, who switched to free safety this offseason, at the nickel cornerback position. Second-year CB Tim Wansley will compete with Ivy for that spot.
In addition to adding depth to Tampa Bay's cornerback corps, Ivy beefs up the Bucs' special teams coverage units. Ivy was named the Bucs' 2002 Special Teams MVP after he notched 23 special teams tackles as one of Tampa Bay's gunners.
Ivy originally joined the Bucs in 2001, where he spent the majority of the season on the practice squad.