Guy had joined the Saints as an undrafted rookie free agent. He led Jackson State with 44 catches for 556 yards and six touchdowns as a senior last season. For his collegiate career, Guy totaled 113 catches for 1,851 yards and 22 touchdowns.
Guy replaced Albert Johnson, who went down with a torn ACL over the weekend. Johnson, who joined the Dolphins after being the CFL Rookie of the Year and Special Teams Player of the Year in 2000, was waived/injured.
Prior to picking up Guy, the Dolphins reportedly had contacted the agent for veteran Leslie Shepherd, who was second on the team with 35 catches last year.
Shepherd entered the offseason as an unrestricted free agent, but hasn't signed with any team.