The 6-4, 260-pound Davis had been on P.U.P. since Aug. 28, following hamstring surgery in the wake of an injury suffered in a minicamp practice June 6.
Davis had been the Packers' starter at tight end in 1999 and 2000, playing in 30 games with 22 starts, he has caught 61 passes for 674 yards, an 11.0-yard average, and 12 touchdowns during his career.
Davis returns to a complicated tight end scenario. While 2000 first-round pick Bubba Franks now is the nominal starter, Franks remains erratic and has been upstaged at times by rookie David Martin.
Jenkins, a fifth-year professional and a former St. Louis Ram and Denver Bronco, had been signed as a free agent November 19 and had played in last week's victory over the Detroit Lions.